Lesson Descriptions

&603
0DWKHPDWLFV
IRU
.LQGHUJDUWHQ
7HDFKHU·V*XLGH
7KHGHYHORSPHQWRIWKLVHGLWLRQRI&6030DWKHPDWLFVIRU.LQGHUJDUWHQ WKH &603UHYLVLRQ
ZDVVXSSRUWHGLQSDUWE\DJUDQWIURPWKH86'HSDUWPHQWRI(GXFDWLRQ1DWLRQDO(LVHQKRZHU
3URJUDP+RZHYHUWKHFRQWHQWVGRQRWQHFHVVDULO\UHSUHVHQWWKHSROLF\RIWKH'HSDUWPHQWRI
(GXFDWLRQDQG\RXVKRXOGQRWDVVXPHHQGRUVHPHQWE\WKH)HGHUDO*RYHUQPHQW
&RS\ULJKW¹0F5(/,QVWLWXWH$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQZLWKWKH
H[FHSWLRQRIWKHEODFNOLQHPDVWHUVPD\EHUHSURGXFHGRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQV
HOHFWURQLFRUPHFKDQLFDOLQFOXGLQJSKRWRFRS\LQJUHFRUGLQJRUDQ\LQIRUPDWLRQVWRUDJHDQG
UHWULHYDOV\VWHPZLWKRXWSHUPLVVLRQLQZULWLQJIURPWKHFRS\ULJKWKROGHU
?hkZ]]bmbhgZebg_hkfZmbhg%\hgmZ\m3
0F5(/,QVWLWXWH
6R3DUNHU5G6XLWH
$XURUD&2
bb
DBG=>K@:KM>GIK>?:<>
&6030DWKHPDWLFVIRU.LQGHUJDUWHQRZHVLWVH[LVWHQFHWRWKHYLVLRQDQGOHDGHUVKLSRI&603·V
ÀUVWGLUHFWRU%XUW.DXIPDQDQGDVSHFLDOJURXSRISHRSOHFRQFHUQHGQRWRQO\DERXWWKHNLQGRI
PDWKHPDWLFVEHLQJWDXJKWWRFKLOGUHQEXWDOVRWKHPDQQHULQZKLFKLWLVWDXJKW7KLVGLVWLQFWLRQLV
FUXFLDOWRDFKLOG·VHDUO\H[SRVXUHWRDQGIXWXUHUHODWLRQVKLSZLWKPDWKHPDWLFV
7KH &603.LQGHUJDUWHQ FXUULFXOXPLVLQODUJHSDUWWKHRXWJURZWKRIDJUHDWGHDORIDFWLYH
LQYROYHPHQWZLWKVWXGHQWVLQRUGLQDU\FODVVURRPVHWWLQJV,WVFXUUHQWIRUPKDVEHHQVWURQJO\
LQÁXHQFHGE\LQIRUPDWLRQJDWKHUHGIURPÀHOGWHVWFODVVHVLQ)RUW&ROOLQVDQG(DWRQ&RORUDGR
DVZHOODVIURPHDUOLHUH[WHQGHGSLORWWHVWVLWHVQDWLRQZLGH%XWLWVXQGHUO\LQJPDQQHURI
SUHVHQWDWLRQDQGPDQ\RIWKHSHGDJRJLFDOLGHDVDQGWRROVZKLFKPDNH &603XQLTXHDPRQJ
FXUULFXODDUHEDVHGRQWKHSLRQHHULQJZRUNVRI*HRUJHVDQG)UpGpULTXH3DS\:HDFNQRZOHGJH
WKHPKHUHZLWKGHHSJUDWLWXGH:HDOVRDFNQRZOHGJHWKHZRUNRIPDWKHPDWLFLDQDQGSV\FKRORJLVW
&DOHE*DWWHJQRIRUWKHIXQGDPHQWDOLGHDRISUHVHQWLQJPDWKHPDWLFVWRVWXGHQWVYLDSHGDJRJLFDO
VLWXDWLRQV
(DUOLHUYHUVLRQVRI&603 0DWKHPDWLFVIRU.LQGHUJDUWHQGDWLQJEDFNWRZHUHGXHWRWKHHIIRUWV
RIIRUPHU&603VWDIIPHPEHUV0DUWLQ&DSODQ/RZHOO&DUPRQ\(GZDUG(VW\-HUU\([XP(GZDUG
0DUWLQ6RO3HODYLQ&KULVWLDQH9DQGHSXWWHDQG-RDQ:DNHÀHOG
7KLVUHYLVHGHGLWLRQRIWKHSURJUDP³&603³LVDUHVXOWRIQHZLQIRUPDWLRQJOHDQHGWKDQNVWR
WKHLQWHUHVWDQGFRQFHUQRI&603WHDFKHUVQDWLRQZLGH'XULQJWKH²VFKRRO\HDUWKHOHVVRQV
LQWKLVHGLWLRQZHUHWHVWHGE\.LQGHUJDUWHQWHDFKHUV$QQ$LQVZRUWK&ODXGLD%HQQHU7ULVK+DPLOWRQ
-R\0XKU-XG\6HLGHO3DPHOD6N\6XVLH6PLWKDQG0DU\7HHWVLQVFKRROVRIWKH3RXGUH5
6FKRRO'LVWULFW)RUW&ROOLQV&RORUDGR
,QDGGLWLRQZHDFNQRZOHGJHWKHIROORZLQJLQGLYLGXDOVIRUWKHLUZRUNLQSURGXFLQJWKH &603
HGLWLRQRIWKH.LQGHUJDUWHQSURJUDP
Pkbm^kl
&ODUH+HLGHPD
-RKQ6XWWRQ
<hglnemZgml
/RLV%DOO
3DWW\%HOO
%UHQGD*LIIRUG
0DU\7HHWV
>]bmhkl
&ODUH+HLGHPD
6KDH,VDDFV
Ikh]n\mbhgLi^\bZeblml
-XG\6FKOHFWH
.HYLQ7DWURH
bbb
DBG=>K@:KM>GM:;E>H?<HGM>GML
L><MBHGHG>3GHM>LMHMA>M>:<A>K
P^e\hf^ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&*
Ikh`kZf=^l\kbimbhg
`
i
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&,
=^l\kbimbhgh_FZm^kbZel''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&,
M^Z\a^kl@nb]^ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&,
M^Z\a^kFZm^kbZel''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*& Lmn]^gmFZm^kbZel'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&-
Khe^Zg]Nl^h_Phkdla^^ml'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&.
Khe^Zg]Nl^h_Lmhkr[hhdl
r
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&.
Khe^Zg]Nl^h_Ebm^kZmnk^%<hngmbg`Lhg`l%Zg]?bg`^kieZrl '''''''''''''*&/
Khe^h_Zg]Nl^h_FZgbineZmbo^l
i
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&/
Khe^Zg]Nl^h_FZmaChnkgZel ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&0
Khe^Zg]Nl^h_<Ze\neZmhkl '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''*&1
Ln``^lmbhgl_hkHk`Zgbsbg`ma^Ikh`kZf'''''''''''''''''''''''''''''''''''''''''
``
`
`
*&**
L^mmbg`NiRhnk<eZllkhhf
` i
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&**
L\a^]ne^h_E^llhgl''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*+
:]cnlmf^gm(:ll^llf^gm=Zrl''''''''''''''''''''''''''''''''''''''''''''''''''''''''
c
(
r
*&*+
Ahf^:\mbobmb^l(IZk^gm<hffngb\Zmbhgl '''''''''''''''''''''''''''''''''''''''' *&*,
<hhi^kZmbo^@khnil'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*,
<^gm^kl''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*,
Bgm^`kZmbhgpbmaHma^k<nkkb\nenf:k^Zl ''''''''''''''''''''''''''''''''''''''' *&*
K^Z]bg`'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*IZmm^kgl''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*.
@kZial'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*.
Bgm^`kZmbhg''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' *&*.
L><MBHGMPH3JN>LMBHGL:G=:GLP>KL:;HNM<LFI
L><MBHGMAK>>3LN@@>LM>=L<A>=NE>H?E>LLHGL
L><MBHG?HNK3=:R&;R&=:RE>LLHG@NB=>
:ii^g]bq
o
L^\mbhgHg^
Ghm^lmhma^
M^Z\a^k
DBG=>K@:KM>GP>E<HF>
:HOFRPH<RXDUHDERXWWRWHDFK &6030DWKHPDWLFVIRU.LQGHUJDUWHQSHUKDSVIRUWKHÀUVWWLPH
:HZLVK\RXVXFFHVVDQGKRSHERWK\RXDQG\RXUVWXGHQWVHQMR\WKHDFWLYLWLHVVXJJHVWHGLQWKLV
WHDFKHU·VJXLGH7KHSXUSRVHRIWKLVVHFWLRQLVWRKHOS\RXXVHWKLVERRNHIIHFWLYHO\WRGHVFULEHWKH
&603PDWHULDOVWRKHOS\RXVHWXSDQXPEHUULFKFODVVURRPDQGWRJLYHVXJJHVWLRQVIRURUJDQL]LQJ
WKHSURJUDP,Q6HFWLRQ7ZR\RXZLOOÀQGDQVZHUVWRVRPHIUHTXHQWO\DVNHGTXHVWLRQVLQ6HFWLRQ
7KUHHDVXJJHVWHGVFKHGXOHRIOHVVRQVDQGLQ6HFWLRQ)RXUDVXJJHVWHGWHDFKLQJJXLGH7KH
$SSHQGL[FRQWDLQVDQH[WHQVLYHOLVWLQJRIPDWK²UHOHYDQWFKLOGUHQ·VOLWHUDWXUH
$V\RXDQG\RXUVWXGHQWVWDNHSDUWLQWKHVHDFWLYLWLHVGXULQJWKH\HDU\RXZLOOGLVFRYHUDGHÀQLWH
&603YLHZSRLQWDERXWHOHPHQWDU\VFKRROPDWKHPDWLFVRQHZHKRSH\RXZLOOFRPHWRXQGHUVWDQG
DQGVKDUH3DUWRIWKDWYLHZSRLQWLVWKDWOHDUQLQJWDNHVSODFHZKHQVWXGHQWVUHDFWWRLQWHUHVWLQJ
UHDOOLIHRUIDQWDV\VLWXDWLRQVVRPHWLPHVFDOOHGD SHGDJRJ\RIVLWXDWLRQV VXFKDVWKRVHLQVWRULHV
RUJDPHV<RX·OOÀQGWKDWW &603 SUHVHQWVVLWXDWLRQVWKDWLQYROYHVWXGHQWVSHUVRQDOO\DQGDOORZ
DULWKPHWLFWRWDNHWKHIRUPRIDGYHQWXUHVLQWKHZRUOGRIQXPEHUV
:HEHOLHYHWKDWHYHU\FKLOGFDQDQGGRHVOHDUQVRPHWKLQJIURPHDFKVLWXDWLRQHQFRXQWHUHGLQWKH
SURJUDPVRPHWLPHVVXGGHQO\DQGGUDPDWLFDOO\VRPHWLPHVODWHQWO\)RUWKLVUHDVRQ &603 WHDFKHUV
GRQRWVWLFNWRRQHWRSLFXQWLOLWLVPDVWHUHG,QGHHGRXUH[SHULHQFHLQGLFDWHVWKDWOHDUQLQJRIWHQ
VWRSVZKHQWKHSXUSRVHRIDOHVVRQLVPHUHO\WKHPDVWHU\RIDVNLOO,QVWHDGZHYLHZOHDUQLQJ
DVPRUHRIDVSLUDOUDWKHUWKDQDOLQHDUSURFHVVLQZKLFKLQWXLWLYHOHDSVSOD\DVELJDUROHDVWKH
DFTXLVLWLRQRIVPDOOVXFFHVVLYHSLHFHVRILQIRUPDWLRQDQGZHEHOLHYHWKDWDYDULHW\RIVLWXDWLRQVFDQ
SURYLGHWKHLQWHUUHODWHGH[SHULHQFHVWKURXJKZKLFKZHOHDUQ
)XUWKHUH[SODQDWLRQRIZKDWZHPHDQE\DSHGDJRJ\RIVLWXDWLRQVDQGVSLUDOGHYHORSPHQW FDQ
EHIRXQGLQWKHTXHVWLRQDQGDQVZHUVHFWLRQEXW\RXZLOOOHDUQWKHLUPHDQLQJVSULPDULO\E\
H[SHULHQFLQJWKHPIRU\RXUVHOIDV\RXWHDFKWKHFXUULFXOXP0HDQZKLOHZHDVVXUH\RXWKDWDODUJH
QXPEHURI&603WHDFKHUVDFURVVWKHFRXQWU\KDYHFRPHWRXQGHUVWDQGDQGHPEUDFHWKH &603 VW\OH
RIWHDFKLQJDQGOHDUQLQJDQGDUHYHU\SOHDVHGZLWKWKHUHVXOWV
*&*
DBG=>K@:KM>GIKH@K:F=>L<KBIMBHG
6LQFHWKHOHDUQLQJSURFHVVRFFXUVWKURXJKPDQ\LQWHUUHODWHGH[SHULHQFHVWKH &603 FXUULFXOXPLV
VWUXFWXUHGVRWKDWQRVLQJOHOHVVRQLVDQHQGLQLWVHOI,WLVQHLWKHULQWHQGHGQRUH[SHFWHGWKDWHYHU\
VWXGHQWZLOOPHHWWKHIXOOFKDOOHQJHRIDSDUWLFXODUVLWXDWLRQLQDQ\JLYHQOHVVRQ)XUWKHUPRUHZH
KDYHIRXQGLWLVPRVWHIIHFWLYHWRYDU\WKHVLWXDWLRQVIURPGD\WRGD\UDWKHUWKDQWRFRQWLQXHRQHW\SH
RIVLWXDWLRQRUWRSLFXQWLOVRFDOOHGPDVWHU\KDVRFFXUUHG7KLVVSLUDOGHYHORSPHQWVHHSDJHLV
UHÁHFWHGLQWKHPDWHULDOVDQGFXUULFXOXPVFKHGXOLQJ7KLVDSSURDFKDOORZVDVWXGHQWWRH[SHULHQFH
HDFKRIVHYHUDOLGHDVDOLWWOHDWDWLPHDQGWKHQSURFHHGWKURXJKLQFUHDVLQJOHYHOVRIVRSKLVWLFDWLRQDV
WKHVLWXDWLRQVEHFRPHPRUHFKDOOHQJLQJ:HKRSH\RXZLOONHHSLQPLQGWKHVSLUDODSSURDFKDV\RX
WHDFK &6030DWKHPDWLFVIRU.LQGHUJDUWHQ
(IWGVMTXMSRSJ0IWWSR
M^Z\a^kl@nb]^
^
)ROORZLQJVRPHLPSRUWDQWLQWURGXFWRU\VHFWLRQVWKHEXONRIWKHWHDFKHU·VJXLGHFRQWDLQVGD\E\GD\
OHVVRQVQXPEHUHG.².<RXZLOOVWDUWZLWK/HVVRQ.DQGSURJUHVVDVIDUDVSRVVLEOHGXULQJWKH
VFKRRO\HDU
(DFKOHVVRQLVSUHVHQWHGLQDIRUPDWWKDWLQFOXGHVLWVQXPEHUWLWOHDFDSVXOHVXPPDU\WKHPDWHULDOV
QHHGHGDQGDVWHSE\VWHSOHVVRQGHVFULSWLRQ)RUH[DPSOHWKHLOOXVWUDWLRQEHORZVKRZVWKHÀUVW
SDJHVIURPWKHWKLUGPDWKHPDWLFVOHVVRQRIWKH\HDU
7KHOHVVRQGHVFULSWLRQLQFOXGHVLPSRUWDQWWHDFKLQJQRWHVLOOXVWUDWLRQVRIGLDJUDPVWRSXWRQWKH
KHOHVVRQGHVFULSWLRQLQFOXGHVLPSRUWDQWWHDFKLQ RWHVLOOXVWUDWLRQVRIGLDJUDPVWRSXWRQWKH
FKDONERDUGRURWKHUZLVHGLVSOD\IRUWKHFODVVH[DPSOHVRISRVVLEOHGLDORJXHDQGVXJJHVWLRQVIRU
KDONERDUGRURWKHUZLVHGLVSOD\IRUWKHFODVVH[D O
JURXSDFWLYLWLHV
UR
Î
Î7!,+/22)$%'2!0(
Î
$OORZWLPHIRUVWXGHQWVWRSODFHWKHLUSDSHUVDQGVWDQGLQ
WKHOLQH
#APSULE,ESSON3UMMAR Y
7
0DNHDJUDSKIURPVWXGHQWV·DQVZHUVWRWKHTXHVWLRQ´'R\RXZDONRUULGHWRVFKRRO"µ
-ATERIALS
4EACHER
‡ :KHHOVRQWKH%XVE\0DU\DQQ
.RYDOVNLRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
‡ 3LFWXUHVRIFDUEXVELNHDQG
ZDONLQJVKRHV
3TUDENT
,I\RXZDONHGWRVFKRROWRGD\WDNH\RXUSLHFHRI
SDSHUDQGVHWLWLQDVWUDLJKWOLQHRQWKHÁRRU
XQGHUWKHSLFWXUHRIWKHZDONLQJVKRHV7KHQ
VWDQGRQWKHSDSHU
‡ 2QHVKHHWRISDSHU
2QFHHYHU\RQHLVVWDQGLQJXSFRPSDUHWKHQXPEHURIVWXGHQWV
LQHDFKJURXSE\KDYLQJWKHVWXGHQWVWXUQDQGIDFHWKHSHUVRQ
LQWKHFROXPQRSSRVLWHWKHPDQGZDYH,IWKHUHDUHVWXGHQWV
ZDYLQJZLWKRXWDQ\RQHZDYLQJEDFNDWWKHPRQHJURXSKDV
PRUHWKDQWKHRWKHU
!DVANCE0REPARATION 8VH%ODFNOLQHV.DDQGEWRFUHDWHWKHFDUEXVELNHSLFWXUHDQGWKHZDONLQJ
VKRHSLFWXUH
7
$ESCRIPTIONOF,ESSON
%XERCISE $UHWKHUHPRUHVWXGHQWVZKRZDONHGRUURGH"
+RZPDQ\PRUH"
5HDGWKHERRN:KHHOVRQWKH%XVE\0DU\DQQ.RYDOVNLRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
,WPD\EHGLIÀFXOWIRUVWXGHQWVWRDQVZHUWKHODVWTXHVWLRQEHFDXVHWKH\DUHVWDQGLQJLQDOLQH
6XJJHVWWKDWWKHVWXGHQWVVWHSRIIWKHLUSDSHUVVRWKH\FDQVHHDQGFRPSDUHWKHWZRJURXSV
%XERCISE 7
7RGD\,QRWLFHGWKDWVRPHRI\RXZDONHGWRVFKRRODQGVRPHRI\RXURGHWRVFKRRO,
ZRQGHULIWKHUHLVDZD\ZHFDQÀJXUHRXWLIPRUHFKLOGUHQZDONHGRUURGHWRVFKRRO'RHV
DQ\RQHKDYHDQLGHDKRZZHFRXOGÀQGRXW"
&RXQWDORXGDVZHFRXQWWKHSLHFHVRISDSHU
XQGHUWKHSLFWXUHIRUULGLQJWRVFKRRO
6
2QHWZRWKUHH«
6
/LQHXS
6
+ROGXSKDQGV
:ULWHWKHQXPEHURIVWXGHQWVZKRURGHWRVFKRRORQWKH
ERDUG<RXPD\ZLVKWRDVNDVWXGHQWWRSRLQWWRWKHQXPEHULQ
DFODVVURRPGLVSOD\RIQXPEHUV
7
:ULWHWKHIROORZLQJTXHVWLRQRQWKHERDUG
$OYOUWALKORRIDETOSCHOOL
7
3ODFHWKHFDUEXVELNHSLFWXUHRQWKHÁRRULQDQRSHQVSDFHLQ
WKHURRP1H[WWRLWSODFHWKHZDONLQJVKRHVSLFWXUHOHDYLQJ
VRPHVSDFHEHWZHHQWKHP
1RZFRXQWDORXGDVZHFRXQWWKHSLHFHVRISDSHU
XQGHUWKHSLFWXUHIRUZDONLQJWRVFKRRO
6
2QHWZRWKUHHIRXU«
7
+HUH·VRQHZD\WRDQVZHURXUTXHVWLRQ,KDYHSODFHGWZRSLFWXUHVRQWKHÁRRU2QHKDVD
FDUDEXVDQGDELNHRQLW:KDWGRHVWKLVSLFWXUHVKRZ"
:ULWHWKLVQXPEHURQWKHERDUG$JDLQ\RXPD\ZLVKWRDVN
DVWXGHQWWRSRLQWWRWKDWQXPEHULQWKHFODVVURRPGLVSOD\RIQXPEHUV
6
:D\VWRULGHWRVFKRRO
7
1H[WWRWKHZD\VWRULGHWRVFKRRO,KDYHSODFHGDSLFWXUHZLWKDSDLURIVKRHVRQLW:KDW
GR\RXWKLQNWKLVSLFWXUHVKRZV"
6
:DONLQJWRVFKRRO
$V\RXGLVFXVVZKLFKJURXSKDVPRUHZKLFKJURXSKDVOHVVDQGKRZPDQ\PRUHRUOHVV\RXPD\
ZLVKWRSRLQWWRWKHQXPEHUVRQWKHQXPEHUOLQHRUKDYHVWXGHQWVSRLQWWRWKHQXPEHURQWKHLUGHVN
QXPEHUOLQHVFRXQWLQJRQRUFRXQWLQJEDFNWRKHOSVWXGHQWVVHHKRZPDQ\PRUHRUOHVV<RXPD\
DOVRZDQWWRVXJJHVWVWXGHQWVOLQHXSDJDLQRQWKHSLHFHVRISDSHUDQGOHWWKH´H[WUDµVWXGHQWVLQWKH
DSSURSULDWHURZFRXQWWKHPVHOYHV
'LVWULEXWHSLHFHVRISDSHURQHWRHDFKVWXGHQW
7
,I\RXURGHWRVFKRROWRGD\WDNH\RXUSLHFHRISDSHUDQGVHWLWLQDVWUDLJKWOLQHRQWKHÁRRU
XQGHUWKHSLFWXUHRIWKHFDUEXVELNH7KHQVWDQGRQWKHSDSHU
B&,
$WWKHEHJLQQLQJRIWKHGD\E\GD\OHVVRQJXLGH.WKHUHDUHVRPHUHFRPPHQGDWLRQVWRSUHSDUH
\RXIRUWKHÀUVWGD\RIFODVV³PDWHULDOV &603 DVVXPHVDUHDYDLODEOHLQ\RXUFODVVURRPKRZ
WRDUUDQJHPDWHULDOVVRWKDWWKH\DUHDFFHVVLEOHDQGYLVXDODLGVWKDWFDQLPSURYHWKHOHDUQLQJ
DWPRVSKHUHRI\RXUFODVVURRP
(YHU\WHQWKOHVVRQ..LVFDOOHGDQDGMXVWPHQWDVVHVVPHQWGD\DQGSURYLGHVDWLPHZKHQ
\RXFDQVWRSDQGGHDOZLWKWKHVSHFLDOQHHGVRI\RXUFODVV6XJJHVWLRQVDUHSURYLGHGIRUDGGLWLRQDO
VXSSOHPHQWDU\DFWLYLWLHVDQGDVVHVVPHQWV$OVRHDUO\ZDUQLQJVDGYLVH\RXRIDQ\VSHFLDOPDWHULDOV
QHHGHGLQWKHQH[WQLQHOHVVRQV6HHSDJHIRUPRUHLQIRUPDWLRQRQDGMXVWPHQWDVVHVVPHQWGD\V
M^Z\a^kFZm^kbZel
,QDGGLWLRQWRWKHWHDFKHU·VJXLGH\RXZLOOQHHGFHUWDLQGHPRQVWUDWLRQRUPDQLSXODWLYHPDWHULDOV
7KRVHOLVWHGKHUHDUHFRQWDLQHGLQWKH &603&ODVVURRP6HW
Dbg]^k`Zkm^gIhlm^kl
=^fhglmkZmbhgGnf^kZe<Zk]l
=^fhglmkZmbhg=hm<Zk]l
)*)2Gnf^kZe<aZkm
Gnf[^kEbg^
FZ`g^mb\<a^\d^klL^m
Kh[hmPZed@kb]La^^ml
MkZ\dIb^\^<Zk]l
;eZ\debg^l
7KHVHDQGRURWKHUPDWHULDOVQHHGHGDUHOLVWHGDWWKHEHJLQQLQJRIHDFKOHVVRQ0DWHULDOVQRW
LQFOXGHGLQWKHFODVVURRPVHWDUHJHQHUDOO\UHDGLO\DYDLODEOHRUFDQEHSUHSDUHGIURPXVXDOFODVVURRP
VXSSOLHV6HYHUDOOHVVRQVFDOOIRUDQRYHUKHDGRUFODVVFDOFXODWRU
Lmn]^gmFZm^kbZel
6RPHLQGLYLGXDOPDWHULDOVZLOOEHQHHGHGIRUHDFKVWXGHQWRUHDFKSDLURIVWXGHQWV7KHPDWHULDOV
OLVWHGKHUHDUHFRQWDLQHGLQWKH &603 &ODVVURRP6HW
PaZm<hne]P^;^8Lmhkr&Phkd[hhd
Ma^IeZr_neGnf[^kl%1*Khl^l%Ma^;Z[rbl;hkg Lmhkr[hhdl
D:&;eh\dlL^m
Bg]bob]nZeGnf[^kEbg^
7KHVHDQGRURWKHUPDWHULDOVQHHGHGDUHOLVWHGDWWKHEHJLQQLQJRIHDFKOHVVRQ2IWHQFRPPHUFLDOO\
DYDLODEOHPDQLSXODWLYHVDUHVXJJHVWHGVXFKDV8QLÀ[ŠFXEHVJHRERDUGVFRXQWHUVEORFNV
&XLVHQDLUH5RGVDQGVRRQDORQJZLWKVHYHUDODOWHUQDWLYHV6RPHOHVVRQVFDOOIRUWKHVWXGHQWVWR
KDYHFDOFXODWRUVVHHSDJHVRQWKHUROHDQGXVHRIFDOFXODWRUV
6RPHWHDFKHUVÀQGLWFRQYHQLHQWWRSURYLGHHDFKVWXGHQWZLWKDVWXUG\FDUGERDUGER[IRUVWRULQJ
PDQLSXODWLYHPDWHULDOV2WKHUVÀQGLWHDVLHUWRVWRUHDOOWKHPDWHULDOVRIRQHNLQGWRJHWKHULQD
FRQWDLQHURIDSSURSULDWHVL]HDQGWRGLVWULEXWHWKHVHPDWHULDOVWRWKHVWXGHQWVDVWKH\DUHQHHGHG
,QDQ\FDVH\RXVKRXOGSUREDEO\NHHSWKHVWRU\ERRNVLQ\RXUVWRUDJHDUHDDQGGLVWULEXWHWKHPDV
FDOOHGIRULQWKHOHVVRQV
B&-
2OLEAND5SEOF7ORKSHEETS
2FFDVLRQDOO\OHVVRQVVXJJHVWZRUNVKHHWRSWLRQVIRUFODVVJURXSRULQGHSHQGHQWZRUN7KHVH
ZRUNVKHHWVH[LVWDVEODFNOLQHPDVWHUVDQGDUHLQFOXGHGZLWKWKHWHDFKHU·VJXLGH:RUNVKHHWVDUH
GHVLJQDWHGZLWKQXPEHUVFRUUHVSRQGLQJWRWKHOHVVRQVZLWKZKLFKWKH\DUHXVHGDQGZLWKOHWWHUV
LQGLFDWLQJDQRUGHULQZKLFKWKH\FDQEHXVHG7KHVWRU\ZRUNERRN :KDW&RXOG:H%H" DOVRÀWVLQ
WKLVFDWHJRU\DQGLVDYDLODEOHDVSDUWRIWKHVWXGHQWPDWHULDOV
6SPIERH9WISJ7XSV]FSSOW
7KHUHDUHVWRU\ERRNVIRU\RXQJUHDGHUVLQWKHFROOHFWLRQ 6WRULHVE\)UpGpULTXH(DFKVWRU\LV
SUHVHQWHGLQDFRORUIXOQHZVSULQWERRNOHWDQGFDQEHXVHGIRULQGLYLGXDORUFROOHFWLYHUHDGLQJDW
VFKRRORUDWKRPH7KHVWRULHVDUHLQGHSHQGHQWRIHDFKRWKHUDQGIRUWKHPRVWSDUWQHHGQRWHDFKHU
H[SODQDWLRQ7KHVWRU\ERRNWLWOHVDQGWKHLULQWHQGHGDJHUDQJHDUHDVIROORZV
:`^l.mh1
7KH3OD\IXO1XPEHUV
7KH%DE\LV%RUQ
5RVHV
2QH2XWRI6HYHQ
7KH2OG6KRHPDNHU
,$PD9HU\+DSS\%R\
7KH/LWWOH'UHDPHU
7ZRE\7ZR
7KH:HLUG6WRU\RI
:KHUH·V0\1RVH"
7KH+DSS\3XSSHW
7KH0DJLF%R[
6XPPHU6FKRROLQWKH2OG'D\V
:`^l1mh*+
7KH/LWWOH'RQNH\
6LQJLQJ)ULHQGV
'DQFLQJ)ULHQGV
,$P1RW0\1DPH
7KH/LYLQJ/LQHV
7KH6TXDUH7UDS
1DEX:LQVDQ$ZDUG
:`^l*)mh*
7KH+LGGHQ7UHDVXUH
$9DOHQWLQH0\VWHU\
(OHFWLRQLQWKH1XPEHU:RUOG
$9HU\6WUDQJH1HLJKERUKRRG
7KUHHRIWKHVWRU\ERRNVLQWHQGHGIRUVWXGHQWVDJHVÀYHWRHLJKWDUHXVHGLQ &603 0DWKHPDWLFV
IRU.LQGHUJDUWHQ6WXGHQWVFDQEHFRPHHDVLO\HQJDJHGLQWKHVHVWRULHVWKHUHDUHTXHVWLRQVWRDQVZHU
SLFWXUHVWRUHODWHWRWKHVWRU\DQGQHZDGYHQWXUHVWRLQYHQWIRUVWRU\FKDUDFWHUV6WXGHQWVÀQG
H[SUHVVLRQRIHPRWLRQVDQGDHVWKHWLFVHQVHVLQWKHZRUOGRIQXPEHUVMXVWDVLQWKHZRUOGRISHRSOH
$WWKH.LQGHUJDUWHQOHYHODQLPSRUWDQWSDUWRIWKHVWRU\ERRNOHVVRQLVUHODWLQJDSLFWXUHWRDVWRU\
7KHQRQYHUEDOODQJXDJHVRIDUURZVDQGVWULQJVFRPPXQLFDWHH[FLWLQJLQIRUPDWLRQWRWKHUHDGHU
<RXUVWXGHQWVPD\ZDQWWRUHUHDGRUMXVWORRNDWWKHVWRU\ERRNVVHYHUDOWLPHVDIWHUWKH\KDYHXVHG
WKHPIRUOHVVRQV
0DQ\OHVVRQVVXJJHVWUHDGLQJDFWLYLWLHVXVLQJRWKHUERRNVDVHQKDQFHPHQWV6HHWKH$SSHQGL[IRUD
OLVWRIDOOWKHERRNVVXJJHVWHGLQOHVVRQVDQGPDQ\RWKHUV\RXPLJKWFRQVLGHU
2OLEAND5SEOF,ITERATURE#OUNTING3ONGSAND&INGERPLAYS
*&.
6RQJVÀQJHUSOD\VDQGVWRULHVIRUPWKHEDVLVRIPDQ\OHVVRQVLQWKH.LQGHUJDUWHQFXUULFXOXP7KHVH
FRQWDLQFRXQWLQJDFWLYLWLHVDQGLQWURGXFWLRQVWRQXPEHUFRQFHSWVDVZHOODVRWKHUPDWKHPDWLFDO
FRQFHSWVDQGODQJXDJH6WXGHQWVJDLQEHJLQQLQJH[SHULHQFHVZLWKFRQFHSWVLQDSK\VLFDOVHQVHDV
VWRULHVDQGVRQJVDUHDFWHGRXW7KHGLVFXVVLRQDERXWDVWRU\PD\SURYLGHRSSRUWXQLWLHVWRDVVRFLDWH
DQGXVHPDWKHPDWLFVFRQFHSWV)XUWKHUVWXGHQWVPD\UHPHPEHUDQGPDNHFRQQHFWLRQVWKURXJKWKH
GLVWLQFWLYHFRQWH[WVRUUK\PHRUUK\WKP6RPHVWXGHQWVPD\PDNHVRPHRIWKHLUÀUVWDWWHPSWVWR
UHDGWKURXJKWKHVHSDWWHUQHGDQGSUHGLFWDEOHWH[WVWKXVFRQQHFWLQJHDUO\PDWKHPDWLFVFRQFHSWVZLWK
UHDGLQJ
2OLEAND5SEOF-ANIPULATIVES
0RVW.LQGHUJDUWHQVWXGHQWVQHHGDYDULHW\RIH[SHULHQFHVWREHJLQWRGHYHORSDQXQGHUVWDQGLQJRI
PDWKHPDWLFDOFRQFHSWV0DQLSXODWLQJFRQFUHWHPDWHULDOVDQGLQWHUDFWLQJZLWKWKHLUHQYLURQPHQW
HQFRXUDJHVH[SORUDWLRQLQYHVWLJDWLRQDQGHDUO\PDWKHPDWLFDOWKLQNLQJ
7KHIROORZLQJOLVWVRIVXJJHVWHGPDQLSXODWLYHPDWHULDOVDUHH[WHQVLYHWRFRQYH\WKHLGHDWKDWWKHUH
DUHPDQ\DOWHUQDWLYHV7KHVWDUUHGLWHPVDUHVSHFLÀFDOO\PHQWLRQHGLQ &603 .LQGHUJDUWHQOHVVRQVRU
VXSSOHPHQWDU\DFWLYLWLHV2WKHUVDUHOLVWHGWRJLYHLGHDVIRURWKHUNLQGVRIDFWLYLWLHV
<hff^k\bZeer:oZbeZ[e^FZgbineZmbo^l
$WWULEXWH%ORFNV
%DODQFH
%HDGVPXOWLYDULDQWSODVWLFZRRGHQ
&DOFXODWRUV
&RXQWHUVPDQ\VKDSHVWZRFRORU
&RORU&XEHV
&XLVHQDLUH5RGV
'RPLQRHV
*DPHV%LQJRERDUGFDUGV
*HRERDUGVDQG*HREDQGV
*HRPHWULF6ROLGV
0LUURUV
3DWWHUQ%ORFNV
3ODVWLF&KLSV
3X]]OHV
5XEEHU6WDPSV
5XOHUV
6RUWLQJ0DWHULDOVSODVWLFDQLPDOVIUXLWV
DQGYHJHWDEOHVYHKLFOHV
6WHQFLOVVKDSHVQXPEHUV
7DQJUDPV
7HOHSKRQH
7KHUPRPHWHU
7LOHV
8QLÀ[Š&XEHVRWKHULQWHUORFNLQJFXEHV
#H]]lZg]>g]l
%HDGV
%HDQV
%RWWOHFDSV
%XWWRQV
&RLQV
&RORUHG3RP3RPV
&RUNV
&RXQWHUV
.H\V
/LGV
0DFDURQL
0DUEOHV
1XWVDQG%ROWV
3DSHU&OLSV
3RSVLFOH6WLFNV
3LSH&OHDQHUV
5RFNV
5XEEHUEDQGV
6KHOOV
6SRROV
Hma^k<hee^\mb[e^l
%RWWOHVDQG%R[HV
&OD\RU3OD\GRXJK
(JJ&DUWRQV
)DEULFVZLWKSDWWHUQVWH[WXUHV
-XPS5RSHV
0DJD]LQHVDQG&DWDORJV
3DSHU5ROOV
3HJ%RDUGV3HJV
6DQG:DWHU&RQWDLQHUVDQG(TXLSPHQW
7DSH0HDVXUHV
:DOOSDSHU:UDSSLQJ3DSHU6DPSOHV
<DUQ
Ghm^37KH&URGVUHIHUUHGWRWKURXJKRXW &6030DWKHPDWLFVIRU.LQGHUJDUWHQ DUHEDVHGRQWKH
*&/
&XLVHQDLUHURGVFRORULQJV\VWHPDQGDUHFHQWLPHWHUOHQJWKV²2WKHUFRORUHGDQGRUFHQWLPHWHU
URGVDUHDYDLODEOHXQGHUQDPHVVXFKDV 1XPHURGV&RORU)DFWRU5RGV RUMXVWSODVWLFURGV,IXVLQJ
RQHRIWKHVHDOWHUQDWLYHV\RXZLOOKDYHWRPDNHVXLWDEOHFRORUDGMXVWPHQWVLQWKHOHVVRQV
6SPIERH9WISJ1EXL.SYVREPW
0DWKMRXUQDOVFDQEHDSRZHUIXOWRROIRUERWKVWXGHQWVDQGWHDFKHUV³DQGHYHQSDUHQWV:KLOHQRQH
RIWKH &603OHVVRQVUHTXLUH WKHLUXVHZHKRSH\RXZLOOVHHWKHLUYDOXHDQGLQFRUSRUDWHWKHPLQWR
\RXUFODVVURRP
-RXUQDOVFDQORRNOLNHMXVWDERXWDQ\WKLQJ8VHZKDWHYHULVUHDGLO\DYDLODEOHDQGZRUNVIRU\RX
VXFKDVVSLUDOQRWHERRNVVPDOOWKUHHULQJELQGHUVRUSRFNHWIROGHUVFRQWDLQLQJEODQNSDSHU
6WXGHQWVFDQPDNHPDQ\NLQGVRIHQWULHVLQWKHLUPDWKMRXUQDOVXVLQJZULWLQJRUGUDZLQJV$W
GLIIHUHQWWLPHV\RXPD\OLNHWRDVNWKHPWR
‡ H[WHQGRUSUDFWLFHDFRQFHSWLQDOHVVRQ
‡ UHÁHFWRQZKDWWKH\OHDUQHGRUGLGLQDOHVVRQ
‡ SUHGLFWZKDWWKH\DUHJRLQJWROHDUQRUGRLQDIXWXUHOHVVRQ
‡ GHVFULEHKRZWKH\IHHODERXWPDWKHPDWLFV
‡ HVWLPDWHKRZZHOOWKH\GLGRQDQDFWLYLW\
‡ LQGLFDWHWKHLUOHYHORIHIIRUWLQPDWKHPDWLFVFODVV
‡ QRWHSUREOHPVTXHVWLRQVWKH\KDYHIRU\RX
6WXGHQWVZLOOQHHGFRQVLGHUDEOHPRGHOLQJRIZKDWLVH[SHFWHGDQGDFFHSWHGLQWKHPDWKMRXUQDOV
6RPHOHVVRQVKDYHVSHFLÀFZKROHJURXSGLVFXVVLRQVWRJLYH\RXJXLGHOLQHV,WLVLPSRUWDQWWRKHOS
VWXGHQWVIHHOFRPIRUWDEOHZLWKWKHLUMRXUQDOVE\HPSKDVL]LQJWKDWWKHSXUSRVHRIDMRXUQDOLVWRSXW
WKHLULGHDVGRZQRQSDSHU(QFRXUDJHVWXGHQWVWRWKLQNDERXWWKHLULGHDÀUVWDQGWKHQGUDZRUZULWH
DERXWLW(QFRXUDJHULVNWDNLQJDQGYDOLGDWHDOODWWHPSWV$V\RXURDPDURXQGWKHURRPDVNVWXGHQWV
TXHVWLRQVVXFKDVWKHIROORZLQJ
‡ 'RHVWKLVVKRZKRZ\RXVRUWHG\RXUPDWHULDOV"
‡ 'RHVWKLVVKRZZKDW\RXOLNHDERXWWKHSDWWHUQV"
‡ 'RHVWKLVVKRZZKDW\RXNQRZDERXWZD\VWRPDNHVL["
6WXGHQWVPD\EHDVNHGWRPDNHDMRXUQDOHQWU\HYHU\IHZGD\VEXWQRWPRUHWKDQRQHRUWZRNLQGVRI
HQWULHVDWDWLPH
6WXGHQWVDOVRQHHGDQDXGLHQFHIRUWKHLUMRXUQDOV:KROHJURXSVKDULQJLVDJRRGZD\WRVWDUWEHFDXVH
LWVHWVWKHH[SHFWDWLRQWKDWHYHU\RQHLVUHFRUGLQJWKHLULGHDV(QFRXUDJHVWXGHQWVWRUHVSRQGWRHDFK
RWKHU·VHQWULHV3RLQWRXWDQHZRUXQLTXHZD\WKDWDVWXGHQWUHFRUGHGDQLGHDRUPDNHFRPPHQWV
VXFKDV´,OLNHGWKHZD\WKDW\RXPDGHWKHEXWWRQV,FDQWHOOWKDW\RXSXWWKHPLQJURXSVRIEOXH
EXWWRQVDQGVTXDUHEXWWRQVµEXWEHFDUHIXOQRWWRGRPLQDWHWKHFRQYHUVDWLRQ(QFRXUDJHWKRVHWKDW
DUHUHOXFWDQWWRKHOS\RXUHDGWKHHQWU\DORXGWRWKHFODVV
6PDOOJURXSVKDULQJFDQEHVXJJHVWHGZKHQVWXGHQWVÀQLVKDVPDOOJURXSDFWLYLW\DQGKDYHUHFRUGHG
LQWKHLUMRXUQDOV$VNWKHPWRVKDUHZLWKDQRWKHUJURXS
)RUSDLUHGVKDULQJGLUHFWVWXGHQWVWRFKRRVHVRPHRQHWKH\GLGQRWZRUNZLWKWRGD\DQGVKDUHWKHLU
MRXUQDOHQWULHV$TXLFNFKHFNWRVHHLIWKHFRQYHUVDWLRQLVRQWDVNLVWRDVNDIHZVWXGHQWVWRWHOO
ZKDWWKHLUSDUWQHUVVKDUHG
)RUWHDFKHUVMRXUQDOVFDQSURYLGHLQIRUPDWLRQ\RXPLJKWRWKHUZLVHQHYHUUHFHLYHE\PDNLQJD
*&0
VWXGHQW·VWKLQNLQJSURFHVVYLVLEOH)RUH[DPSOHZKHQ\RXLQWHUDFWZLWKDVWXGHQWDVKHRUVKHPDNHV
DMRXUQDOHQWU\RUZKHQDVWXGHQWVKDUHVDQHQWU\ZLWK\RXRUFODVVPDWHV\RXPLJKWREVHUYH
‡ WKHZD\WKHVWXGHQWUHFRUGVDQHQWU\XVLQJSLFWXUHVV\PEROVQXPEHUVRUOHWWHUVWR
UHSUHVHQWDQLGHD
‡ WKHSURFHVVHVWKHVWXGHQWXVHVORRNLQJIRUVLJQVRIQHZXQGHUVWDQGLQJRUDVVRFLDWLRQV
‡ HYLGHQFHRILQVLJKWRUFRQIXVLRQ
<RXPD\ZDQWWRUHDGRUORRNRYHUWKHVWXGHQWV·PDWKMRXUQDOVIURPWLPHWRWLPHDQGUHWXUQWKHP
ZLWKFRPPHQWVDQGVXJJHVWLRQV,I\RXGRGRQ·WMXPSWRFRQFOXVLRQVLIDVWXGHQW·VHQWU\VHHPV
FRQIXVHG'LVFXVVLWZLWKWKHVWXGHQWÀUVW0DQ\WLPHVDVWXGHQW·VUHDVRQLQJLVORJLFDOEXWQRW
LPPHGLDWHO\DSSDUHQW7KHHYDOXDWLRQSURFHVVPD\EHWLPHFRQVXPLQJLQWKHVKRUWUXQEXWLQWKH
ORQJUXQWKHLQVLJKWVJDLQHGIURPVWXGHQWMRXUQDOVSURYLGHDQLQYDOXDEOHDOWHUQDWLYHDVVHVVPHQWWRRO
7KHVPDOODPRXQWRIWLPHUHTXLUHGWRUHDGDQGORRNRYHUWKHMRXUQDOVDQGZULWHSRVLWLYHFRPPHQWVLV
ZRUWKWKHLPSURYHPHQWLQVWXGHQWV·DWWLWXGHVWRZDUGPDWKHPDWLFV
2FFDVLRQDOO\\RXPD\OLNHWRVHQGSDUHQWVDVWXGHQWVHOHFWHGMRXUQDOHQWU\7RSUHSDUHSDUHQWVWR
XQGHUVWDQGWKHSXUSRVHRIDMRXUQDO\RXPLJKWVHQGKRPHDOHWWHUDERXWKRZMRXUQDOVDUHXVHGDQG
ZKDWWRH[SHFW:LWKRXWUHDOL]LQJRUXQGHUVWDQGLQJWKHYDOXHRIFUHDWLYHLQYHQWHGVSHOOLQJRUWKH
GHYHORSPHQWRIPRWRUVNLOOVSDUHQWVPD\WKLQNWKHLUFKLOGRUWKHWHDFKHULVQRWGRLQJDJRRGMRE
0DWKMRXUQDOVFDQH[WHQGVWXGHQWV·H[SHULHQFHVSURYLGHYDOXDEOHDVVHVVPHQWDQGJLYHDFRQFUHWH
VDPSOHRIWKHVWXGHQWV·ZRUNWRVKDUHZLWKSDUHQWV$VZLWKDQ\LQVWUXFWLRQDOVWUDWHJ\RUWRROLI
XVHGWRRRIWHQLWORVHVLWVYDOXHDQGXOWLPDWHO\GRHVDSRRUMRERIDFFXUDWHO\UHÁHFWLQJVWXGHQWV·
XQGHUVWDQGLQJ
2OLEAND5SEOF#ALCULATORS
7KHFDOFXODWRULIXVHGFUHDWLYHO\FDQKDYHDUHPDUNDEO\EHQHÀFLDOHIIHFWRQVWXGHQWV·LQWHUHVWLQDQG
XQGHUVWDQGLQJRIDULWKPHWLFDQGFDQFRQWULEXWHWRWKHLUGHYHORSLQJFDSDELOLWLHV7KHUHDVRQVIRUWKLV
DUHPDQ\DQGYDULHGEXWWKHIROORZLQJDUHFHUWDLQO\DPRQJWKHP
‡ 6WXGHQWVHQMR\XVLQJFDOFXODWRUVDQGUHVSRQGZLWKHQWKXVLDVPWRPRVWFDOFXODWRUDFWLYLWLHV
‡ $VDSHGDJRJLFDOWRROWKHFDOFXODWRUFRQWULEXWHVWRWKHGHYHORSPHQWRIPHQWDODULWKPHWLF
VNLOOVQXPEHUVHQVHDQGPDWKHPDWLFDOFRQFHSWV
‡ %\UHPRYLQJWKHEXUGHQRIPHFKDQLFDOFRPSXWDWLRQWKHFDOFXODWRUIUHHVVWXGHQWVWR
FRQFHQWUDWHRQWKHWKLQNLQJWKDWLVDQHFHVVDU\SDUWRIWKHVROXWLRQWRDQ\PHDQLQJIXO
SUREOHP
‡ 7KHLQVWDQWIHHGEDFNSURYLGHGE\WKHFDOFXODWRUHQDEOHVVWXGHQWVWRH[SORUHSDWWHUQVDQG
PDNHDQGWHVWFRQMHFWXUHVERWKLPSRUWDQWDUHDVWKDWPLJKWRWKHUZLVHEHRYHUZKHOPLQJ
&DOFXODWRUVDUHUHFRPPHQGHGIRUVHYHUDOOHVVRQVLQ &6030DWKHPDWLFVIRU.LQGHUJDUWHQ,GHDOO\
\RXUFODVVVKRXOGKDYHDFFHVVWRDWOHDVWRQHFDOFXODWRUIRUHYHU\WZRVWXGHQWVDQGDQRYHUKHDG
FDOFXODWRUWKDWPDWFKHVWKHVWXGHQWV·FDOFXODWRUV,IWKLVLVQRWSRVVLEOH\RXPD\ZDQWWRHQFRXUDJH
VWXGHQWVWREULQJFDOFXODWRUVIURPKRPH&KHFNWKDW\RXUFODVVURRPFDOFXODWRUVRUDQ\FDOFXODWRUV
EURXJKWE\VWXGHQWVKDYHWKHIROORZLQJIHDWXUHV
‡ &KDLQRSHUDWLRQV 7KLVPHDQVWKDWWKHFDOFXODWRUUHVSRQGVWRLQVWUXFWLRQVJLYHQLQWKH
RUGHULQZKLFKWKH\DUHHQWHUHG7RFKHFNSUHVV G OCDCQCECS,I\RXKDYHRQWKH
GLVSOD\WKHQWKLVIHDWXUHLVSUHVHQW
*&1
‡ &RQVWDQWPRGH6RPHFDOFXODWRUVKDYHDVZLWFKVRWKDWWKHFDOFXODWRUFDQEHVHWLQ
FRQVWDQWPRGH,I\RXUFDOFXODWRUODFNVDVZLWFKLWLVTXLWHOLNHO\WKDWWKHFDOFXODWRUKDVDQ
DXWRPDWLFFRQVWDQW)RUFDOFXODWRUVZLWKDQDXWRPDWLFFRQVWDQWWKHÀUVWQXPEHUHQWHUHG
GXULQJPXOWLSOLFDWLRQLVWKHFRQVWDQWZKLOHIRUDGGLWLRQVXEWUDFWLRQRUGLYLVLRQWKHVHFRQG
QXPEHUHQWHUHGLVWKHFRQVWDQW
7RFKHFN\RXUFDOFXODWRUIRUWKHFRQVWDQWPRGHRSHUDWLRQRII O0CSUHVVLCOCECSCSCSDQG
VRRQ,IWKHQXPEHURQWKHGLVSOD\LQFUHDVHVE\WZRDWHDFKGHSUHVVLRQRII SWKHQ O LV
RSHUDWLQJLQDFRQVWDQWPRGH&KHFNWKHFRQVWDQWPRGHRSHUDWLRQRIPLQDVLPLODUIDVKLRQ
7RFKHFNWKHFRQVWDQWPRGHRSHUDWLRQRIQLQZKLFKWKHÀUVWQXPEHUHQWHUHGZLOOEHWKH
FRQVWDQWSUHVV ECQCDCSCSCSDQGVRRQ,IWKHQXPEHURQWKHGLVSOD\GRXEOHVDWHDFK
GHSUHVVLRQRII SWKHQ QLVRSHUDWLQJLQDFRQVWDQWPRGH
&DOFXODWRUVZLWKRXWWKHVHFKDUDFWHULVWLFVDUHXQVXLWDEOHIRU &603OHVVRQV(YHQLI\RXUFDOFXODWRUV
KDYHFKDLQRSHUDWLRQVFKHFNWKDWWKH\RSHUDWHLQWKHZD\GHVFULEHGDERYH
*&2
DBG=>K@:KM>GLN@@>LMBHGL?HKHK@:GBSBG@MA>
IKH@K:F
3ETTING5P9OUR#LASSROOM/R.
7RVXFFHVVIXOO\LPSOHPHQWDPDWKHPDWLFVSURJUDPEDVHGRQDQDFWLYHSHGDJRJ\RIVLWXDWLRQVWKH
FODVVURRPPXVWEHDVWLPXODWLQJHQYLURQPHQWULFKLQPDWHULDOVDQGPDWKHPDWLFDOH[SHULHQFHV$W
WKHEHJLQQLQJRIWKHGD\WRGD\OHVVRQJXLGH/HVVRQ.\RXZLOOÀQGVXJJHVWLRQVIRUWKLQJV
WRGREHIRUHVFKRROEHJLQV7KHIROORZLQJDUHDGGLWLRQDOVXJJHVWLRQVIRUHQULFKLQJWKHFODVVURRP
HQYLURQPHQW
Gnf[^kl:k^>o^krpa^k^'''hkLahne];^
$GXOWVXVXDOO\ÀQGLWYHU\GLIÀFXOWWROHDUQDQHZODQJXDJH+RZLVLWWKHQWKDW\RXQJFKLOGUHQOHDUQ
WKHLUQDWLYHWRQJXHVRHDVLO\"7KHHDUO\DJHDWZKLFKWKHOHDUQLQJRFFXUVLVVXUHO\WKHPRVWLPSRUWDQW
IDFWRU%XWLQDGGLWLRQWRWKDWFKLOGUHQOHDUQWKHODQJXDJHEHFDXVHWKH\OLYHLQDVXLWDEOHOLQJXLVWLF
HQYLURQPHQW7KHZD\WKLVOHDUQLQJWDNHVSODFHLVRQHRIWKHPRVWEHDXWLIXOH[DPSOHVRIERWKWKH
VSLUDODSSURDFKDQGWKHSHGDJRJ\RIVLWXDWLRQV(DUO\DJHH[SHULHQFHVSOXVDVXLWDEOHHQYLURQPHQW
DUHIDFWRUVWKDWSOD\DQLPSRUWDQWUROHLQWKHOHDUQLQJRIQXPEHUVWRR
<RXFDQVHWXS\RXUFODVVURRPWRFUHDWHDVWURQJQXPHULFDOHQYLURQPHQW7KHIROORZLQJVXJJHVWLRQV
FDQPDNHWKHGLIIHUHQFHEHWZHHQDQXPHULFDOO\ULFKFODVVURRPDQGDQXPHULFDOO\LPSRYHULVKHGRQH
<RXZLOORIFRXUVHWKLQNRIDGGLWLRQDOLGHDVDV\RXEHFRPHPRUHIDPLOLDUZLWKWKHSDUWLFXODUQHHGV
RI\RXUVWXGHQWV
‡ Gnf[^k=blieZrl
,QDGGLWLRQWRWKHVXJJHVWLRQVLQ/HVVRQ.QXPEHUOLQH²QXPHUDOFKDUWGHVNQXPEHU
OLQHV\RXPD\OLNHWRFUHDWHDQDWWUDFWLYHGLVSOD\RIWKHQXPEHUV²LQDURZHDFKZLWKD
FRUUHVSRQGLQJQXPEHURIVRPHNLQGRIREMHFWGRWVELUGVWHGG\EHDUVÁRZHUVDQGVRRQ
1XPEHUGLVSOD\VZLOOEHUHIHUUHGWRRIWHQLQWKHOHVVRQVDQG\RXVKRXOGWDNHDGYDQWDJHRIHYHU\
RSSRUWXQLW\WRXVHWKHGLVSOD\VWRKHOSVWXGHQWVEHFRPHDFTXDLQWHGZLWKQXPEHUV
‡ <Ze^g]Zk
$QRWKHUGLVSOD\RIQXPEHUV\RXZLOOZDQWWRKDYHLQ\RXUFODVVURRPLVDFDOHQGDU:RUNLQJZLWK
DFDOHQGDUPD\EHFRPHDURXWLQHSDUWRIWKH.LQGHUJDUWHQGD\GXULQJZKLFK\RXFDQUHLQIRUFH
QXPEHUUHFRJQLWLRQDQGFRXQWLQJVNLOOV6WXGHQWVFDQDOVREHJLQWRXQGHUVWDQGWKHFRQFHSWVRI
ZHHNPRQWKDQG\HDUDQGWRSUHGLFWKRZORQJXQWLOFHUWDLQHYHQWV6WXGHQWVPD\QRWHQXPHULFDO
RUGHUFRXQWE\RQHVDQGWZRVFRXQWRQDQGFRXQWEDFNZDUGDQGOHDUQZKDWWKHWHUPV \HVWHUGD\
W
WRPRUURZEHIRUHDQGQH[WPHDQLQUHODWLRQWRWKHFDOHQGDU7RUHFRUGWKHGD\VWKHFODVVFDQ
PDNHDSDWWHUQRIVKDSHVRUFRORUVDQGVWXGHQWVFDQSUHGLFWZKDWZLOOFRPHQH[WLQWKHSDWWHUQ2U
WKHFODVVPLJKWUHFRUGVRPHLWHPHDFKGD\IRUH[DPSOH´WKHZHDWKHUµRU´DWWHQGDQFHµRU´WKH
VQDFNµIRURQHPRQWK7KHQDWWKHHQGRIWKHPRQWKWKH\FDQFRQVXOWWKHFDOHQGDUWRPDNHD
JUDSKRUWRPDNHVWDWHPHQWVUHJDUGLQJWKHLQIRUPDWLRQWKH\JDWKHUHG
‡ <eh\d
6WLOODQRWKHUGLVSOD\RIQXPEHUVLVRQWKHFORFNIDFH6WXGHQWVDUHXVXDOO\FXULRXVDERXWWKH
SDVVDJHRIWLPHGXULQJWKHGD\DQGDUHDQ[LRXVWRNQRZKRZWRWHOOWLPH<RXFDQKHOSWKHP
UHFRJQL]HWKHQXPEHUVRQWKHFORFNIDFHGLIIHUHQWLDWHWKHWZRKDQGVDQGQRWLFHZKDWQXPEHUVWKH
KDQGVDUHSRLQWLQJWRZDUG6WXGHQWVFDQEHJLQWRFRXQWDURXQGWKHFORFNE\RQHVKRXUVDQGE\
*&**
ÀYHVPLQXWHVDQGOHDUQWRUHDGWKHWLPHZULWWHQLQVWDQGDUGIRUPRURQDGLJLWDOFORFN
<RXPD\ZDQWWRHVWDEOLVKUHJXODUWLPHVLQWKHGDLO\VFKHGXOHIRUFHUWDLQDFWLYLWLHVDQGWHDFKWKH
VWXGHQWVWRUHFRJQL]HWKRVHSRVLWLRQVRQWKHFORFN6WXGHQWVFDQEHJLQWRH[SORUHLGHDVVXFKDVKRZ
ORQJXQWLODQHYHQWKDSSHQVRUKRZPDQ\PLQXWHVKDYHSDVVHGVLQFHVRPHWKLQJRFFXUUHG*HWWLQJ
DIHHOIRUUHODWLYHWLPHPD\EHRILQWHUHVWWRVWXGHQWV7RFORVHWKHLUH\HVDQGZDLWIRUDPLQXWHWR
SDVVFDQEHDUHDOVXUSULVHWRPDQ\7DONDERXWZKLFKLVORQJHUDVHFRQGPLQXWHKRXURUGD\
+RZPDQ\PLQXWHVGRHVLWWDNHWRPDNHDQKRXU"+RZPDQ\KRXUVWRPDNHDGD\"
‡ =Zber:\mbobmb^l
1XPEHUVVKRXOGEHSDUWRIPDQ\GDLO\URXWLQHVVXFKDVDUULYLQJLQWKHFODVVURRPVQDFNWLPH
GLVWULEXWLQJPDWHULDOVSUHSDULQJIRUDQDVVHPEO\UHDGLQJRUWHOOLQJDVWRU\DQGOHDYLQJDWWKHHQG
RIWKHGD\7KHREYLRXVXVHVRIQXPEHUVZLOOEHLQFRXQWLQJRQHWRRQHFRUUHVSRQGHQFHQXPEHU
VHTXHQFLQJQXPEHUFRPSDULVRQVDQGQXPHUDOUHFRJQLWLRQ2WKHUVPLJKWLQFOXGHJUDSKLQJ
IDYRULWHVQDFNZHDULQJVZHDWHUVRUMDFNHWVVL]HRIERRNVRUPHDVXUHPHQWFDSDFLW\RIFXSV
WLPHOHQJWKRISHQFLOV$FWLYLWLHVGHDOLQJZLWKPHQWDODULWKPHWLFDUHSDUWLFXODUO\LPSRUWDQWDQG
IXQ6RPHRIWKHPRVWREYLRXVDUHFKHFNLQJDWWHQGDQFH+RZPDQ\VWXGHQWVDUHSUHVHQW"+RZ
PDQ\VKRXOGEHKHUH"+RZPDQ\DUHDEVHQW"FKHFNLQJWKHGDWH:KDWLVWKHGDWHWRGD\"+RZ
PDQ\GD\VLQWKHPRQWK"+RZPDQ\GD\VOHIWLQWKHPRQWK"DQGGLVWULEXWLQJWKLQJV+RZPDQ\
VWXGHQWVDUHWKHUH"7ZRFUDFNHUVIRUHDFKVRKRZPDQ\FUDFNHUVDUHQHHGHG"
3CHEDULEOF,ESSONS
7KHGHVLJQDQGVFKHGXOHRIWKHOHVVRQVLQWKLVJXLGHVKRXOGEHUHJDUGHGDVDVXJJHVWLRQWKHSURJUDP
LVQRWPHDQWWREHULJLGRUIROORZHGH[DFWO\2QO\\RXZLOOEHDEOHWRMXGJHZKLFKWRSLFVDUHHDV\IRU
\RXUSDUWLFXODUFODVVRUZKLFKOHVVRQVUHTXLUHPRUHRUOHVVWLPH
$PDVWHUVFKHGXOHFDQEHIRXQGLQ6HFWLRQ7KUHH,WLVFRQVWUXFWHGIRUDK\SRWKHWLFDO.LQGHUJDUWHQ
FODVVZLWKWKHXVXDOUDQJHRIDELOLWLHVGHYRWLQJDSSUR[LPDWHO\²PLQXWHVIRXURUÀYHGD\V
DZHHNWRPDWKHPDWLFV7KHUHDUHWHDFKLQJGD\VLQWKHVFKHGXOHDQGRIWKHVHDUHFDOOHG
DGMXVWPHQWDVVHVVPHQWGD\VVHHEHORZ)HHOIUHHWRDGMXVWWKLVVFKHGXOHWRWKHDELOLWLHVPDWXULW\
DQGLQWHUHVWVRI\RXURZQVWXGHQWVDVZHOODVWRWKHOHQJWKRI\RXUVFKRRO\HDUDQGWKHOHQJWKRIWLPH
HDFKGD\WKDW\RXGHYRWHWRPDWKHPDWLFV
(DFKEORFNLQWKHVFKHGXOHUHSUHVHQWVRQHPDWKSHULRG,WPD\EHKRZHYHUWKDW\RXZLOOVSHQGPRUH
WKDQRQHSHULRGRQDIHZOHVVRQV$OHVVRQWKDWLVPXFKWRRORQJPLJKWEHÀQLVKHGWKHQH[WGD\EXW
GRQRWSURORQJDOHVVRQLILWLVMXVWDELWWRRORQJ5HPHPEHULWLVEHWWHUWRVWRSDOHVVRQZKHQVWXGHQW
LQWHUHVWLVKLJKWKHWRSLFZLOOUHDSSHDULQDQRWKHUFRQWH[WODWHU,I\RXÀQGWKDW\RXDQG\RXUFODVVDUH
PRUHFRPIRUWDEOHZLWKDVORZHUSDFHVWLOOIROORZWKHVXJJHVWHGRUGHURIWKHOHVVRQV
!DJUSTMENT!SSESSMENT$AYS
$GMXVWPHQWDVVHVVPHQWGD\VDSSHDUHYHU\WHQWKOHVVRQRQWKHVFKHGXOH2QWKHVHGD\VWKHUHLVQR
UHJXODUOHVVRQSODQQHGVRWKDW\RXZLOOKDYHDQRSSRUWXQLW\WRPHHWWKHVSHFLDOQHHGVRI\RXUFODVV
)RUH[DPSOHVWXGHQWVHQWHULQJ.LQGHUJDUWHQYDU\ZLGHO\LQWKHLUQXPEHUUHDGLQHVV<RXZLOOEH
DZDUHRIWKHVHLQGLYLGXDOQHHGVDQGFDQXVHWKHDGMXVWPHQWGD\VWRZRUNZLWKVWXGHQWVZKRODFN
FHUWDLQUHDGLQHVVVNLOOVDVZHOOJLYHPRUHFKDOOHQJHWRVWXGHQWVZKRDUHUHDG\6XJJHVWLRQVIRU
DFWLYLWLHVWRXVHZLWKVWXGHQWVRIYDU\LQJDELOLWLHVDUHLQFOXGHGLQWKHVHVHFWLRQV<RXPD\ZDQWWRXVH
RQHRIWKHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²NRQWKHVHGD\VWRQRWHVWXGHQWV·SURJUHVV
*&*+
<RXPD\ZLVKWRXVHVRPHSRUWLRQRIDQDGMXVWPHQWDVVHVVPHQWGD\WRUHSHDWFHUWDLQOHVVRQVHLWKHU
ZLWKDVPDOOJURXSRUWKHHQWLUHFODVV0DQ\OHVVRQVFDQHDVLO\EHPDGHWRDSSHDUFRPSOHWHO\
GLIIHUHQWE\FKDQJLQJWKHVWRU\OLQHVDQGRUWKHQXPEHUVLQWKHOHVVRQV6XFKUHSHWLWLRQLV
HQFRXUDJHG)XUWKHU\RXPD\OLNHWRXVHDQDGMXVWPHQWDVVHVVPHQWGD\WROHWVWXGHQWVZRUNLQ
FHQWHUVRURQDSURMHFWRI\RXUFKRLFH
2IFRXUVH\RXPD\QRWZDQWWRXVHDQDGMXVWPHQWGD\ZKHQRQHLVVFKHGXOHG,I\RXSUHIHUVLPSO\
JRRQWRWKHQH[WOHVVRQ
$WWKHHQGRIHDFKDGMXVWPHQWDVVHVVPHQWVHFWLRQ\RXZLOOÀQGHDUO\ZDUQLQJVDERXWXSFRPLQJ
OHVVRQVUHTXLULQJVSHFLDOPDWHULDOV\RXPD\QHHGWRSUHSDUHRUREWDLQ
(OME!CTIVITIES0ARENT#OMMUNICATION
3DUHQWLQYROYHPHQWLVEXLOWLQWR &6030DWKHPDWLFVIRU.LQGHUJDUWHQ LQVHYHUDOZD\V,QWKH &603
%ODFNOLQHV\RXZLOOÀQGDQXPEHURISDUHQWJXDUGLDQOHWWHUVGHVLJQHGWRPDNHSDUHQWVPRUHDZDUH
RIWKH &603ODQJXDJHVWRROVDQGPHWKRGV7KHVHOHWWHUVFDQDGYLVHSDUHQWVDERXWWKHW\SHVRI
PDWKHPDWLFDODFWLYLWLHVWKHLUFKLOGUHQDUHLQYROYHGLQ7KH\FDQEHSKRWRFRSLHGDQGVHQWKRPHDW
YDULRXVSRLQWVWKURXJKRXWWKH\HDU
,QDGGLWLRQVXJJHVWLRQVIRUKRPHDFWLYLWLHVRFFDVLRQDOO\IROORZOHVVRQV+RPHDFWLYLWLHVDUH
RSSRUWXQLWLHVIRUSDUHQWVWRZRUNRQPDWKHPDWLFVZLWKWKHLUFKLOGUHQ6RPHDUHIROORZXSRUSUDFWLFH
IRUDOHVVRQRWKHUVDUHIRUHQULFKPHQWRUH[WHQVLRQ
#OOPERATIVE'ROUPS
$FRRSHUDWLYHJURXSJLYHVVWXGHQWVDFKDQFHWRWDONWKURXJKZKDWWKH\DUHOHDUQLQJZLWKRWKHU
VWXGHQWV7KH\JHWLPPHGLDWHKHOSDQGVXSSRUWDQGOHDUQWRFDUHDERXWWKHSURJUHVVRIHYHU\RWKHU
PHPEHURIWKHFODVV&RRSHUDWLYHJURXSVJLYHDQRSSRUWXQLW\IRUSHHUWHDFKLQJ6WXGHQWVHQMR\
KDYLQJDSHHUWRGLVFXVVWKHLULGHDVZLWKDQGWRJLYHWKHPDVVLVWDQFHZKHQVRPHWKLQJLVGLIÀFXOW
'HSHQGLQJRQWKHVLWXDWLRQSDLUVRUJURXSVRIWKUHHWRIRXUDUHDQLFHVL]HIRUFRRSHUDWLYHJURXSV
0DQ\OHVVRQVVXJJHVWXVLQJFRRSHUDWLYHRURWKHUJURXSDFWLYLWLHV)HHOIUHHWRXVHWKHVHVXJJHVWLRQV
DVJLYHQDQGWRXVHFRRSHUDWLYHRURWKHUJURXSDFWLYLWLHVHYHQLQOHVVRQVZKHUHQRVXFKVXJJHVWLRQV
DUHJLYHQ
#ENTERS
0DQ\FODVVURRPVDUHRUJDQL]HGZLWKFHQWHUVRUVWDWLRQVZKHUHVWXGHQWVFDQZRUNRQDFWLYLWLHV
ZLWKRXWWKHGLUHFWDVVLVWDQFHRIWKHWHDFKHU7KHIROORZLQJVXJJHVWLRQVDUHSRVVLEOHZD\V\RXPLJKW
LQFRUSRUDWHPDWKFHQWHUVLQWRWKHUHJXODUFODVVURRPVHWXSRUPLJKWHQKDQFHDQGH[WHQGWKHPDWK
FXUULFXOXPLQWRFHQWHUDFWLYLWLHV&HQWHUVPD\EHVHWXSVRWKDWVWXGHQWVZRUNDORQHRULQJURXSV
0DQ\RIWKHDFWLYLWLHVOHQGWKHPVHOYHVWRVPDOOJURXSVRIVWXGHQWVZRUNLQJRQWKHLURZQEXWLQFORVH
SUR[LPLW\WRHDFKRWKHUVKDULQJUHVXOWVRUJLYLQJKHOSWRRWKHUVDVQHHGHG
?k^^>qiehkZmbhg<^gm^k33ODFHPDQLSXODWLYHPDWHULDOVWKDWZLOOEHXVHGLQIXWXUHOHVVRQVRUZHUH
LQWURGXFHGLQHDUOLHUOHVVRQVLQDFHQWHUDQGDOORZVWXGHQWVWRH[SORUHWKHPZLWKRXWGLUHFWLRQ%ORFNV
FRXQWHUV&URGV.$EORFNV8QLÀ[Š FXEHVDQGVRRQPLJKWHDFKWDNHDWXUQLQWKHFHQWHU<RX
PLJKWDOVRDGGRWKHUW\SHVRIPDQLSXODWLYHVSXUFKDVHGRUKDQGPDGHWRVXSSRUWDOHVVRQRUFRQFHSW
*&*,
Lhkmbg`(@kZiabg`<^gm^k$FWLYLWLHVDWWKLVFHQWHUPLJKWLQFOXGHVRUWLQJDQGRUJUDSKLQJZLWK
VSHFLDOO\GHVLJQHGPDQLSXODWLYHVRURGGVDQGHQGV0DNHDYDULHW\RIVRUWLQJPDWVDQGVWULQJORRSV
DYDLODEOHIRUVRUWLQJFODVVLI\LQJDFWLYLWLHV3URYLGHJUDSKLQJPDWVIRUJUDSKLQJDFWLYLWLHV
LZg](PZm^k<^gm^k36DQGDQGZDWHUWDEOHVFDQEHYDOXDEOHWRROVIRUWKHVWXG\RIPDWKHPDWLFDO
FRQFHSWVDWWKH.LQGHUJDUWHQOHYHO7KHVHWDEOHVFDQEHSXUFKDVHGFRPPHUFLDOO\RULPSURYLVHG
8VLQJDPHGLXPWKDWFDQEHSRXUHGDQGRUPHDVXUHGRYHUDQGRYHUDJDLQVWXGHQWVGHYHORSFRQFHSWV
RIFRQVHUYDWLRQRUGHUPHDVXUHPHQWDQGVRRQ7RIRVWHUWKLVH[SORUDWLRQWKHWDEOHVVKRXOGLQFOXGH
VWDQGDUGPHDVXULQJXWHQVLOV³FXSVVSRRQVDQGIDPLOLDUFRQWDLQHUVVXFKDVFRIIHHDQGMXLFHFDQV
ERZOVFRIIHHFXSVDQGVRRQ
K^Z]bg`(Pkbmbg`Gnf[^kl<^gm^k3$FWLYLWLHVKHUHPLJKWLQFOXGHSUDFWLFHLQZULWLQJQXPHUDOV
ZLWKGLIIHUHQWPHGLD\DUQJOLWWHUSDLQWDFWLYLWLHVRQQXPHUDOUHFRJQLWLRQRUUHDGLQJWKH &603
VWRU\ERRNVDIWHUWKH\KDYHEHHQLQWURGXFHG5HDGLQJRWKHUERRNVDQGVWRULHVDERXWQXPEHUFRQFHSWV
DQGFUHDWLYHZULWLQJDFWLYLWLHVEXLOWDURXQG &603OHVVRQVDUHDOVRDSSURSULDWHIRUWKLVFHQWHU
K^eZmbg`mhE^llhgl<^gm^k7KLVFHQWHUFDQLQFOXGHDFWLYLWLHVWKDWIROORZDSDUWLFXODUOHVVRQDQG
UHLQIRUFHWKHLGHDVSUHVHQWHGWKHUH6XJJHVWLRQVIRUWKLVW\SHRIFHQWHUDFWLYLW\DUHDWWKHHQGRIVRPH
OHVVRQVDQG\RXPD\ZLVKWRDGGRWKHUVDVWKHQHHGDULVHVLQ\RXUSDUWLFXODUFODVV
2WKHUFHQWHUVVXFKDVDQ$UW&HQWHUD'UDPDWLF3OD\&HQWHURUD6FLHQFH&HQWHUDOVRFDQLQYROYH
QXPHURXVPDWKHPDWLFDODFWLYLWLHV
)NTEGRATIONWITH/THER#URRICULUM!REAS
7KHUHDUHPDQ\RSSRUWXQLWLHVLQWKHGDLO\FODVVURRPVFKHGXOHWRLQWURGXFHDQGUHLQIRUFH
PDWKHPDWLFVFRQFHSWVZLWKVWXGHQWV<RXPD\VSHFLÀFDOO\SODQVRPHRIWKHVHEXWPDQ\RWKHUV
ZLOODULVHLQFLGHQWDOO\LQFRQYHUVDWLRQVDQGDFWLYLWLHV2SSRUWXQLWLHVWRSUDFWLFHQXPEHUUHFRJQLWLRQ
DQGFRXQWLQJZLOORFFXUUHJXODUO\DVZLOODFWLYLWLHVZKLFKUHTXLUHORRNLQJDWSDWWHUQVVRUWLQJDQG
XVLQJWKHYRFDEXODU\DQGFRQFHSWVRIPDWKHPDWLFV/LWHUDWXUHUHDGDQGVKDUHGLQFODVVPD\VXJJHVW
PDWKHPDWLFDOLGHDVWKDWFDQEHH[SORUHGIXUWKHU%RRNVDQGVWRULHVFDQEHIRXQGWRVXSSRUWDQG
UHLQIRUFHPDWKHPDWLFVWRSLFV/RRNLQJIRUZD\VWRLQWHJUDWHPDWKHPDWLFVWRSLFVZLWKRWKHUVXEMHFW
DUHDVDQGXVLQJFRQFHSWVLQWURGXFHGWKURXJKPDWKWRH[SORUHRWKHUWRSLFVFDQKHOSVWXGHQWVWRVHH
WKHUHOHYDQFHDQGDSSOLFDWLRQVRIPDWKHPDWLFVWRWKHLUOLYHV
K^Z]bg`
6HOHFWLQJERRNVWKDWXVHPDWKHPDWLFVFRQFHSWVDQGWDNLQJWLPHWRUHLQIRUFHWKHVHFRQFHSWVGXULQJ
WKHUHDGLQJSURFHVVZLOOVWUHQJWKHQWKHPDWKHPDWLFVOHDUQLQJRI\RXUVWXGHQWV)RUH[DPSOHHDFK
WLPHWKHVWXGHQWVRSHQDERRNWKH\FDQSUDFWLFHVHTXHQFLQJQXPEHUVDQGQXPEHUUHFRJQLWLRQ<RX
PLJKWDVNVWXGHQWVWRSUHGLFWZKDWQXPEHUFRPHVEHIRUHDQGZKDWFRPHVQH[WRUWRGHWHUPLQHLIWKH
QXPEHUWKH\DUHORRNLQJIRULVPRUHWKDQRUOHVVWKDQDFHUWDLQQXPEHU<RXFDQEHJLQWRDVNVWXGHQWV
LIWKHQXPEHUZLOOEHQHDUWKHEHJLQQLQJPLGGOHRUHQGRIWKHERRNRUDVNLIWKHQXPEHULVFORVHUWR
RQHQXPEHUWKDQDQRWKHU5HDGLQJQXPEHUVZLWKWZRDQGWKUHHGLJLWVDQGUHLQIRUFLQJSODFHYDOXHFDQ
EHLQFRUSRUDWHGLQWRWKHVHDFWLYLWLHV
*&*-
IZmm^kgl
2SSRUWXQLWLHVWRUHFRJQL]HUHSURGXFHDQGLQYHQWSDWWHUQVRFFXULQPDQ\DFWLYLWLHV2QFHVWXGHQWV
DUHWXQHGLQWRORRNLQJIRUSDWWHUQVWKH\ZLOOVHHWKHPHYHU\ZKHUH³LQZRUGVLQWKHHQYLURQPHQW
XVLQJFRORUVKDSHDQGVRXQG³DQGWKH\ZLOOEHDEOHWRFUHDWHQHZRQHVRIWKHLURZQ$UWDQGPXVLF
DUHULFKDUHDVIRUXVLQJDQGLQWHJUDWLQJSDWWHUQV5K\PLQJSDWWHUQVDUHXVXDOO\DSDUWRIWKHODQJXDJH
DUWVFXUULFXOXP<RXPD\ZDQWWRFUHDWHVHDVRQDOSDWWHUQVIRUGHFRUDWLRQRUWRXVHRQWKHFDOHQGDU
7KHUHDUHVHYHUDO &603 OHVVRQVWKDWGHDOZLWKVRXQGSDWWHUQVZLWKSODFLQJGRWVLQQXPEHUSDWWHUQV
DQGZLWKFUHDWLQJSDWWHUQVXVLQJVKDSHVFRORUVVL]HVDQGGHVLJQV7KHVHDFWLYLWLHVFDQEHPRGLÀHG
DQGUHSHDWHGZKHQHYHUWKHVWXGHQWVDUHLQWHUHVWHG3DWWHUQLQJSOD\VVXFKDQLPSRUWDQWUROHLQDOORI
PDWKHPDWLFVWKDWLWLVLPSRUWDQWVWXGHQWVEHJLYHQDVROLGIRXQGDWLRQLQSDWWHUQLQJLQWKHHDUO\\HDUV
@kZial
6RUWLQJLWHPVDQGLGHQWLI\LQJWKHLUSK\VLFDODWWULEXWHVLVWDXJKWGLUHFWO\LQ &603 OHVVRQV7KLV
VNLOOFDQEHDXVHIXOWRROLQRWKHUFXUULFXOXPDUHDVDQGFDQEHUHLQIRUFHGRXWVLGHWKHUHDOPRI
PDWKHPDWLFV:KHQFKLOGUHQEHJLQWRH[SODLQZK\WKH\SXWFHUWDLQWKLQJVWRJHWKHULQDJURXSREMHFWV
PD\EHUHODWHGLQZD\VQRWSUHYLRXVO\WKRXJKWRI7KHVHDFWLYLWLHVPD\OHQGWKHPVHOYHVWRZULWWHQ
H[SODQDWLRQVRUMRXUQDOHQWULHVE\VWXGHQWV
<RXPD\OLNHWRLQWURGXFHVWXGHQWVWRPDQ\W\SHVRIJUDSKVDQGWRKDYHWKHPJDWKHUGDWDRU
FRQVWUXFWDQGLQIHULQIRUPDWLRQIURPDJUDSK7KHVHDFWLYLWLHVFDQHQJDJHVWXGHQWVLQDFWLYHOHDUQLQJ
DQGGUDZXSRQH[SHULHQFHVIURPPDWKHPDWLFVOHVVRQV0DQ\FXUULFXOXPDUHDVFDQEHLQWHJUDWHG
DQGUHODWHGWRVHDVRQDODFWLYLWLHVDQGRUFXUUHQWFODVVURRPWRSLFV7KHFODVVPLJKWJUDSKLQIRUPDWLRQ
DERXWKRZWKH\WUDYHOWRVFKRROZKDWWKH\KDYHIRUOXQFKRUZKDWWKHLUIDYRULWHFDUWRRQLV7KH\FDQ
FRQVWUXFWFRQFUHWHJUDSKVSLFWRJUDSKVRUXVHVWULQJVWRGLVSOD\WKHLQIRUPDWLRQ7KH\PLJKWGLVFXVV
KRZVRPHRQHHOVHFRXOGXVHWKHLULQIRUPDWLRQIRUH[DPSOHDQHZVWXGHQWDWWKHVFKRRO/HDUQLQJWR
FROOHFWDQGRUJDQL]HGDWDFDQEHDFRRSHUDWLYHH[SHULHQFHZLWKGLIIHUHQWVWXGHQWVWDNLQJ
GLIIHUHQWUROHV
Bgm^`kZmbhg
0DWKHPDWLFVDFWLYLWLHVGRQRWMXVWRFFXUGXULQJWKHWLPHGHVLJQDWHGIRUPDWKLQWKHGDLO\VFKHGXOH
7KH\DUHDSDUWRIWKHWRWDOVFKRROGD\DQGRFFXUDWHYHU\WXUQLQWKHFXUULFXOXP<RXPD\SODQWKHP
EXWWKH\ZLOODOVRDULVHVSRQWDQHRXVO\DVVWXGHQWVZRUNZLWKHDFKRWKHU7DNLQJDWWHQGDQFHDQGOXQFK
FRXQWFROOHFWLQJPRQH\DQGERRNRUGHUVJRLQJRYHUWKHGDLO\VFKHGXOHDQGRUGHULQJGDLO\WDVNV
SOD\LQJJDPHVDWUHFHVVDQGJHWWLQJWRWKHQH[WFODVVRQWLPHDUHMXVWDIHZRIWKHPDWKUHODWHG
DFWLYLWLHVLQZKLFKVWXGHQWVSDUWLFLSDWHHYHU\GD\,WLVQRWQHFHVVDU\WRVWRSHYHU\WLPHDQGSRLQWRXW
WKHPDWKHPDWLFVLQDVLWXDWLRQEXWLWVSUHVHQFHSURYLGHVWKHJURXQGZRUNIRUFRQFHSWXQGHUVWDQGLQJ
DQGSUREOHPVROYLQJLQIRUPDOPDWKHPDWLFVOHVVRQV
7KURXJKRXWWKH &603OHVVRQVZHKDYHWULHGWRLQWHJUDWHRWKHUFXUULFXOXPDUHDVDQGWRVXJJHVWZD\V
\RXPLJKWGRPRUHZLWKLQ\RXURZQFODVVURRP0DWKHPDWLFVLVQRWVRPHWKLQJWKDWVWXGHQWVVKRXOG
VHHDQGXVHGXULQJDQLVRODWHGSHULRGEXWUDWKHUWKURXJKRXWWKHGD\,QWKHVDPHZD\PDWKHPDWLFV
FODVVHVVKRXOGQRWGHDORQO\ZLWKQXPEHUVEXWVKRXOGLQFRUSRUDWHHOHPHQWVRIUHDGLQJZULWLQJ
VRFLDOVWXGLHVVFLHQFHDQGVRRQ &603VWULYHVQRWRQO\WRLQYROYHDOOVWXGHQWVLQWKHOHDUQLQJ
RIPDWKHPDWLFDOFRQFHSWVEXWWREHSDUWRIDQLQWHJUDWHGVFKRROGD\LQZKLFKVWXGHQWVVHHWKH
DSSOLFDWLRQRIHDFKVXEMHFWWRRWKHUVXEMHFWVDQGWRWKHLURZQOLYHV,QWHJUDWLRQDOORZVDOOVWXGHQWVWR
SDUWLFLSDWHDQGFRQWULEXWHWRWKHWRWDOZRUNRIWKHFODVV
*&*.
L^\mbhgMak^^
Ln``^lm^]
L\a^]ne^h_
E^llhgl
&IRST-ONTH
,&)
3ECOND-ONTH
#2ODS
+
.UMBER2EADINESS
+
(APPY&ISH
3ORTINGWITH3TRINGS
+
+
&REE%XPLORATION
+
#HILDRENAND"OOKS
+
&REE%XPLORATION
&REE%XPLORATION
+
+
7AYSTO-AKE3IX
+
+
+
.UTS/VER'RAPHING
#2ODS
/RDERBY3IZE
#HANGES#HANGES
+
+
+
+
+
+
%VERYONE,ISTENS
%VERYONE!CTS
.UMBER#OLLAGE
.UMERAL7RITING
4HE:OO
+!"LOCKS
/RCHESTRA
+!"LOCKS
&REE%XPLORATION
&REE%XPLORATION
&REE%XPLORATION
+
+
+
+
+
+
+
+ #ONSTRUCTING0ATTERNS +
+
+
+
#2ODS
+
+
+
+
+
&IVE,ITTLE-ONKEYS
'EOBOARDS
$UCKS
7ALKOR2IDE'RAPH
+
3ORTINGWITH3TRINGS +
/DDSAND%NDS
+
+
+
+
#OMPARITIVE3IZES
-ASTER3CHEDULEFOR#3-0-ATHEMATICSFOR+INDERGARTEN
%LECTRONIC4OOLS
!DJUSTMENT
!SSESSMENT$AY
'EOBOARDS
!DJUSTMENT
!SSESSMENT$AY
'RAPHING/BJECTS
!DJUSTMENT
!SSESSMENT$AY
#OUNTAND$O
#HANGESIN3IZE
4HIRD-ONTH
&OURTH-ONTH
,&*
#2ODS
+
+
#ANDY'RAPH
#OUNTING#ALCULATOR
+
,ENGTH
+
&LYING"IRDS
+
0EOPLE0ATTERNS
'EOBOARDS
+
4HE4RAIN
+ 4ELEPHONE.UMBERS
+ .UMERAL7RITING
+
+
+
+
+
+
+
&
&
+
2OBOT7ALK
+
+
+
3INKING"OAT
+
4HE"ABYIS"ORN +
#2ODS
#ALCULATOR
)NTRODUCTION
&
+
.UMBER"UGS
.UMBER"UGS
+
4HE0LAYFUL.UMBERS +
+
7AYSTO-AKE4EN
+
7AYSTO-AKE4EN+
#HICKSAND(ENS
2OSES
/NETO/NE
#ORRESPONDENCE
+
&REIGHT4RAINS
#LASS#OUNTING"OOK
+
+
9ES.O'RAPHS
-EASURING4OOLS
#ALCULATOR
)NTRODUCTION
+
#ALCULATOR
)NTRODUCTION
+
+
+
3QUIRRELSAND.UTS
+
+7AYSTO-AKE%IGHT + #2ODS
7HAT#OULD7E"E
!DJUSTMENT
!SSESSMENT$AY
7HATS#OOKING
!DJUSTMENT
!SSESSMENT$AY
#HILDRENAND(OUSES
!DJUSTMENT
!SSESSMENT$AY
+!"LOCKS
!DJUSTMENT
!SSESSMENT$AY
&IFTH-ONTH
,&+
3IXTH-ONTH
n.UMERAL
#HART
3OLIDS
+
+
4HE.UMBER
,INE'AME
+
-ARCHING"AND
3OLIDS
+
#OINS
+
,OCATING.UMBERSON
A.UMBER,INE
+
+
2OBOT7ALK
+
/RDER
,ENGTH
+
#OUNTING!CTIVITY +
'EOBOARDS
+
#OUNTING/N
+
/NE7AY2OADS
#OUNTING
#ALCULATOR
+
+
2OBOT7ALK
3TRINGS
(APPY&ISH
+!"LOCKS
+!"LOCKS
,ENGTH
+
+
+
+
+
#OUNTING
+
#ALCULATOR
+
+
/NE7AY2OADS
4AKINGA4RIP
+
+
+
+
#ATCH4HE4IGER
/NETO/NE
#ORRESPONDENCE
4EN"LACK$OTS
-ONKEYSAND
"ANANAS
+
+
#OUNTING
#ALCULATOR
+
#OUNTING/N
#OUNTING/N
#OUNTDOWN
+
+
+
+
+
+
3TRINGS
!DJUSTMENT
!SSESSMENT$AY
4ELLING3TORIESFORAN
!RROW0ICTURE
!DJUSTMENT
!SSESSMENT$AY
#LOWNS
+
+
!DJUSTMENT
!SSESSMENT$AY
/RDER
!DJUSTMENT
!SSESSMENT$AY
+
+
+
3EVENTH-ONTH
%IGHTH-ONTH
,&,
.UMBER&RIENDS
3TORYTELLERS
+
+
-IRROR3YMMETRY
#OUNTINGBY4WOS
-IRROR3YMMETRY
+
+
#AR4RACKS
+
+
+
#AR4RACKS
+
+
-OVIE4HEATRE3EATS +
AN
0ET'RAPH
+
+
+
#ALCULATOR!DDITION+
+
.UMBER&ACTS
+
4WELVE%LEPHANTS
+
3TRINGS
-ETER-EASURE
+
+
/NE3IDE4WO3IDES +
.UMERAL#HART"INGO
+
+
#ATCHTHE4IGER
#OINS
+
+
$ETECTIVE3TORY
$ETECTIVE3TORY
4ELLING3TORIESFOR
!RROW0ICTURE
!#OUNTING3NAKE
-IRROR3YMMETRY
$ETECTIVE3TORY
+
+
+
+
+
+
*UMPY&ROGS
!DJUSTMENT
!SSESSMENT$AY
3TRINGS
!DJUSTMENT
!SSESSMENT$AY
4HE.UMBERS3PEAK
!DJUSTMENT
!SSESSMENT$AY
L^\mbhgMph
Jn^lmbhglZg]
:glp^klZ[hnm
<LFI
DBG=>K@:KM>GJN>LMBHGL:G=:GLP>KL:;HNM
<LFI
$V\RXWHDFKWKH &603 FXUULFXOXPRUHYHQDV\RXSUHSDUHWRWHDFKLWVRPHEDVLFTXHVWLRQVZLOO
FRPHWRPLQG7KH\DUHYHU\OLNHO\WKHVDPHNLQGVRITXHVWLRQVWKDWSDUHQWVDQGVXSHUYLVRUVZLOO
DVNDERXWDFXUULFXOXPWKDWDSSHDUVWREHGLIIHUHQWIURPWKHWUDGLWLRQDOSURJUDP3HUKDSVVRPHRI
WKHTXHVWLRQVWKDWFRQFHUQ\RXDUHDQVZHUHGKHUH
J3PaZmblma^libkZeZiikhZ\a8Ahp]h^lbmphkd8
:3 :HOHDUQWKURXJKPDQ\LQWHUUHODWHGH[SHULHQFHV%XWQRH[SHULHQFHSDUWLFXODUO\D.LQGHUJDUWHQ
PDWKOHVVRQLVDQHQGLQLWVHOI:LWKWKLVLQPLQG &603LQWURGXFHVDQLGHDLQRQHOHVVRQWKHQ
DQRWKHULQWKHQH[WOHVVRQWKHQDQRWKHU/DWHUWKHÀUVWLGHDUHDSSHDUVLQDVOLJKWO\QHZVHWWLQJRU
LQDVOLJKWO\H[SDQGHGYHUVLRQSHUKDSVZLWKFRQQHFWLRQVWRRWKHUFRQFHSWVWKHQDVHFRQGWRSLF
UHDSSHDUVDQGVRRQ(DFKRIWKHPDQ\WLPHVDSDUWLFXODULGHDRUDUHDRIVWXG\UHDSSHDUVLWLV
WUHDWHGLQDGLIIHUHQWPDQQHUDQGDWDVOLJKWO\KLJKHUOHYHOWKDQWKHODVWWLPH7KLVLVFDOOHG VSLUDO
GHYHORSPHQW
6WXGHQWVOHDUQDWGLIIHUHQWWLPHVDQGDWGLIIHUHQWUDWHV2QO\SDUWRIWKHOHDUQLQJRIDJLYHQ
WRSLFDFWXDOO\WDNHVSODFHGXULQJWKHFODVVURRPOHVVRQ,QEHWZHHQWKHWLPHVWKHWRSLFRFFXUVRQ
WKHOHDUQLQJVSLUDOWKHVWXGHQWLVPHQWDOO\GLJHVWLQJWKHLGHDVRPHWLPHVFRQVFLRXVO\XVXDOO\
XQFRQVFLRXVO\,QWKLVZD\WKHVSLUDOGHYHORSPHQWJLYHVHDFKVWXGHQWDQHZFKDQFHWRFDWFKRQ
DWHDFKVWDJH
:HÀQGLWKLJKO\HIIHFWLYHWRIROORZWKLVNLQGRIGHYHORSPHQWUDWKHUWKDQFRQWLQXLQJRQDQGRQ
ZLWKDWRSLFXQWLOVRFDOOHGPDVWHU\KDVRFFXUUHG
6WLFNLQJZLWKWKHVSLUDODSSURDFKUHTXLUHVDQDFWRIIDLWKRQ\RXUSDUWSDUWLFXODUO\LI\RXDUH
XVHGWRWHDFKLQJDJLYHQWRSLFXQWLO\RXDUHVDWLVÀHGWKDWDOORUDWOHDVWPRVWRIWKHFODVVNQRZV
LWFROG7KHVSLUDODSSURDFKLPSOLHVWKDWVRPHOHVVRQVPD\EHVWRSSHGEHIRUHVRPHRUHYHQD
PDMRULW\RIVWXGHQWVDSSHDUWRKDYHFDXJKWRQRUEHIRUHHYHU\RQHKDVVXFFHVVIXOO\FRPSOHWHG
DOOWKHZRUNVKHHWRUZRUNERRNSDJHV,WLQYROYHVNQRZLQJWKDWWKHWRSLFZLOOUHDSSHDUDJDLQ
DQGDJDLQDQGWKDWYDU\LQJGHJUHHVRIXQGHUVWDQGLQJZLOOFRPHDWYDU\LQJUDWHVDQGWLPHV,W
LQFOXGHVWKHEHOLHIWKDWDQLGHDSODQWHGQRZPD\QRWVSURXWXQWLOPXFKODWHUDQGWKDWLWLVEHVW
QRWWRIRUFHLWVGHYHORSPHQW
J3Bng]^klmZg]ahplibkZe]^o^ehif^gmphkdl%[nmahp\ZgBZll^llfr
i
i
lmn]^gmlikh`k^llnlbg`ln\aZgZiikhZ\a8
:3 :HGRQ·WEHOLHYHLWLVGHVLUDEOHRUUHDVRQDEOHWRWU\WRHYDOXDWHVWXGHQWPDVWHU\RIVNLOOV
IURPGD\WRGD\RUHYHQIURPZHHNWRZHHN2QWKHRWKHUKDQGWHDFKHUVSDUHQWVDQGWKH
VWXGHQWVWKHPVHOYHVEHQHÀWE\VRPHPRQLWRULQJRIWKHVWXGHQWV·SURJUHVVDQGLQYROYHPHQW
ZLWKWKHDFWLYLWLHV0RVWWHDFKHUVKDYHWKHLURZQPHWKRGVIRUPRQLWRULQJZLWKZKLFKWKH\
DUHFRPIRUWDEOHDQGZHVXJJHVWWKDW\RXFRQWLQXHWRXVHWKHVHPHWKRGV,QDGGLWLRQ &603
SURYLGHVVHYHUDOW\SHVRIDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²NZKLFKDUHQRWHGLQ
OHVVRQVRURQDGMXVWPHQWDVVHVVPHQWGD\V<RXPD\ÀQGWKHVHXVHIXO$OVRJURXSLQWHUDFWLRQV
GXULQJWKHOHVVRQVUHVSRQVHVRQLQGLYLGXDOWDVNVDQGFHQWHUDQGZULWLQJDFWLYLWLHVSURYLGHPXFK
YDOXDEOHLQIRUPDWLRQ$VSLUDODSSURDFKLQIDFWPD\KHOSUDWKHUWKDQKLQGHU\RXUORQJWHUP
DVVHVVPHQWRIVWXGHQWV·SURJUHVV
+&*
J3Ahp]h^l <LFI]b__^k_khfZmkZ]bmbhgZefZma^fZmb\l\nkkb\nenf8
:3 7KHFRUHFRQWHQWRI&603 LVQRWUHYROXWLRQDU\7KHSURJUDPDLPVWRLQWHJUDWHLGHDVDQGIDFWV
WKDWKDYHDOZD\VEHHQFRQVLGHUHGLPSRUWDQWLQPDWKHPDWLFV7KHPDMRUGLIIHUHQFHVDUHLQ
PHWKRG7UDGLWLRQDOWHDFKLQJJHQHUDOO\IRFXVHVRQURWHVNLOOV &603VWXGHQWVRQWKHRWKHU
KDQGEHFRPHLQYROYHGZLWKUHDOPDWKHPDWLFDODFWLYLWLHVIURPZKLFKWKH\GHYHORSPDWKHPDWLFDO
XQGHUVWDQGLQJ
:LWKDSHGDJRJ\RIVLWXDWLRQVWKH\SDUWLFLSDWHLQWKHOHDUQLQJSURFHVVZKLFKOHDGVWRWKH
GHYHORSPHQWRIVNLOOV³QRWE\URWHPHPRUL]DWLRQEXWE\FRQVWUXFWLQJWKHLURZQXQGHUVWDQGLQJ
)DFHGZLWKFKDOOHQJLQJVLWXDWLRQVWKHVWXGHQWVDUHOHGE\WKHLUUHDFWLRQVWRLPSRUWDQWLGHDVLQ
PDWKHPDWLFV³WKH\EHJLQWRPDWKHPDWL]HVLWXDWLRQV7KLVSURFHVVLVIXQGDPHQWDOZKHQHYHU
PDWKHPDWLFVLVDSSOLHG
&603DOVRPDNHVXVHRIDVSLUDODSSURDFKUDWKHUWKDQWKHPDVWHU\DSSURDFKIRXQGLQPRVW
WUDGLWLRQDOPDWKHPDWLFVFXUULFXODVHHSDJH
J3:k^Zeema^mhib\lbgma^ <LFI\nkkb\nenfk^ZeerfZma^fZmb\l8
:3 <HV0DWKHPDWLFVLVPXFKPRUHWKDQFDOFXODWLRQZLWKQXPEHUVDQGLWVPHWKRGVLQFOXGHPRUH
WKDQSDSHUDQGSHQFLODOJRULWKPV7KH &603 FXUULFXOXPLVÀOOHGZLWKH[SHULHQFHVWKDWGLUHFWO\
DQGLQGLUHFWO\UHODWHWRDZLGHZRUOGRIQXPEHUVWKHLULQWHUUHODWLRQVKLSVDQGWKHNLQGVRI
ORJLFDOUHDVRQLQJDERXWWKHVHUHODWLRQVKLSVWKDWPDNHPDWKHPDWLFVDQDFWLYLW\RILQWHUHVWDQG
FRQFHUQ
J3Parnl^ma^eZg`nZ`^lh_lmkbg`lZg]Zkkhpl8
:3 ,WLVVXUSULVLQJWKDWWKHODQJXDJHRIVWULQJVZDVQRWXVHGHDUOLHUDQGPRUHH[WHQVLYHO\WRWHDFK
PDWKHPDWLFV0DWKHPDWLFLDQVKDYHXVHGVWULQJVIRUDYHU\ORQJWLPHWKH\VXSSRUWFODVVLÀFDWLRQ
QRWLRQVVRIXQGDPHQWDODQGQDWXUDOWKDWWKH\JREDFNWR$ULVWRWOH7KHVFRSHRIWKHVWULQJ
GLDJUDPVLVEURDGHUWKDQPDWKHPDWLFVLWLVDPDUYHORXVLQVWUXPHQWIRUORJLFDOWKLQNLQJ6WULQJ
GLDJUDPVSHUPLWWKHXQGHUVWDQGLQJRIDVLWXDWLRQDWDJODQFHWKH\JHQHUDWHPDWKFRQFHSWVDQG
LGHDVWKURXJKUHODWHGGLVFXVVLRQ
$UURZGLDJUDPVDUHSUREDEO\WKHPRVWLPSRUWDQWWHDFKLQJDLGLQWKH &603FXUULFXOXP7KH\
DUHXVHGHYHU\ZKHUHLQRXUGDLO\OLYHVVLJQDOVDGYHUWLVHPHQWVGLUHFWLRQVDQGVRRQ:K\QRW
XVHWKHPWRWHDFKPDWKHPDWLFV"$UURZVDUHDSLFWRULDOZD\WRUHSUHVHQWUHODWLRQV5HODWLRQVKDYH
DOZD\VEHHQLPSRUWDQWLQPDWKHPDWLFVEXWLQWKHSDVWVHHPHGWREHVRPHWKLQJUDWKHUDEVWUDFW
HOXVLYHDQGP\VWHULRXV:LWKDUURZVWKH\EHFRPHYLYLGFRQFUHWHDQGHDV\WRXQGHUVWDQG
J3Lhf^h_ma^<LFI fZm^kbZelZk^g^pmhf^'Ahp]hBe^Zkg^ghn`amh
m^Z\aZ\eZll8
:3 &603WUDLQLQJLVUHFRPPHQGHGIRUHYHU\WHDFKHUQHZWRWKHSURJUDP7KLVWUDLQLQJPD\EH
FRQGXFWHGE\DORFDO &603 FRRUGLQDWRURUDFHUWLÀHG &603WUDLQHU.LQGHUJDUWHQDQG)LUVW
*UDGHSURJUDPWHDFKHUVVKRXOGUHFHLYHDPLQLPXPRIKRXUVWUDLQLQJWHDFKHUVRIWKH8SSHU
3ULPDU\*UDGHVSURJUDPDPLQLPXPRIKRXUVWUDLQLQJDQGWHDFKHUVRIWKH,QWHUPHGLDWH
*UDGHVSURJUDPDPLQLPXPRIKRXUVWUDLQLQJ'XULQJWKHWUDLQLQJWKH &603 FRQWHQWLV
WDXJKWWRQHZWHDFKHUVDQGVXJJHVWLRQVDUHJLYHQIRURUJDQL]DWLRQRIWKHPDWHULDOV
+&+
7KH &603WUDLQHUZLOOSUHVHQWDYDULHW\RIOHVVRQVWDNHQIURPWKH &603FXUULFXOXPDQGXVH
DQLQWHJUDWHGVSLUDODSSURDFKGXULQJWKHWUDLQLQJLWVHOI,QWKLVZD\WHDFKHUVQRWRQO\OHDUQKRZ
WRWHDFK &603PDWKHPDWLFVEXWWKH\EHFRPHIDPLOLDUZLWKWKHVSLULWDQGSHGDJRJ\RIWKH
SURJUDP
J3ParZk^ma^e^llhgieZglik^l^gm^]ZlZ]bZeh`n^8
J
:3 0RVWRIWKHOHVVRQVDUHZULWWHQLQFRQVLGHUDEOHGHWDLOVWHSE\VWHSGHVFULSWLRQVDUHIUHTXHQWO\
JLYHQWRJHWKHUZLWKDSRVVLEOHGLDORJXHEHWZHHQWHDFKHUDQGVWXGHQWV7KHVHGHWDLOVDUHJLYHQ
RQO\DVVXJJHVWLRQVRIKRZDOHVVRQPLJKWGHYHORS<RXVKRXOGQHYHUIHHOREOLJDWHGWRIROORZ
DOHVVRQZRUGIRUZRUGDVLWLVZULWWHQLQWKHJXLGH%\WKHVDPHWRNHQ\RXVKRXOGQHYHULQVLVW
WKDW\RXUVWXGHQWVJLYHWKHVDPHUHVSRQVHVDVWKRVHJLYHQLQWKHLPDJLQDU\GLDORJXH8VH\RXU
RZQFUHDWLYLW\WRGUDZRXWVWXGHQWUHVSRQVHVDVWKHVLWXDWLRQVVXJJHVW5HDGWKHOHVVRQSODQV
FDUHIXOO\EHIRUHKDQGWRJHWDQLGHDKRZWKHOHVVRQVDUHH[SHFWHGWRSURFHHG
J3:k^ma^k^`hZel_hk^Z\ae^llhg8
:3 7KHSULQFLSDOJRDORIWKLVSURJUDPLVWRSURYLGHHDFKVWXGHQWZLWKDJUHDWYDULHW\RIH[SHULHQFHV
LQGLIIHUHQWÀHOGV6XFKDJRDOLVGLIÀFXOWWREUHDNGRZQLQVPDOOSLHFHV:KDW\RXZLOOÀQGLVD
FDSVXOHOHVVRQVXPPDU\ DWWKHEHJLQQLQJRIHDFKOHVVRQWKDWEULHÁ\GHVFULEHVWKHDFWLYLWLHVDQG
H[SHULHQFHVLQFOXGHGLQWKHOHVVRQ%HFDXVHWKHJRDOVRIWKHFXUULFXOXPVSUHDGRYHUDZKROH
VHULHVRIOHVVRQVVSHFLÀFJRDOVIRULQGLYLGXDOOHVVRQVDUHVWDWHGRQO\LQGLUHFWO\:HH[SHFW\RX
ZLOOHDVLO\VHHWKHGLUHFWLRQDQGLQWHQWRIWKHOHVVRQVKRZHYHUZHGHFOLQHWRSUHGLFWZKDWZLOO
KDSSHQLQWHUPVRIVWXGHQWOHDUQLQJIRUDQ\RQHOHVVRQ
J3Ahph_m^gZg]_hkahpehg`lahne]Bm^Z\afZma^fZmb\lbg
Dbg]^k`Zkm^g8
:3 7KH &603VFKHGXOHVXJJHVWVWKDW\RXWHDFKPDWKHPDWLFVIRXURUÀYHGD\VDZHHNIRUWR
PLQXWHVHDFKGD\,I\RXGRQRWZDQWRUDUHQRWDEOHWRWHDFKPDWKHPDWLFVWKDWIUHTXHQWO\WKDW·V
ÀQH-XVWIROORZWKHGD\E\GD\JXLGHDVIDUDV\RXFDQ2ULI\RXZDQWWRWHDFKPDWKHPDWLFV
PRUHRIWHQZHVWLOOVXJJHVWWKDW\RXWHDFKQRPRUHWKDQÀYHOHVVRQVSHUZHHNRXWRIWKHGD\
E\GD\JXLGH8VH\RXURZQLQLWLDWLYHWRFUHDWHRWKHUOHVVRQVIRUH[DPSOHWU\SODQQLQJDQHZ
OHVVRQRI\RXURZQWU\VRPHRIWKHVXSSOHPHQWDU\DFWLYLWLHVVXJJHVWHGLQWKHDGMXVWPHQW
DVVHVVPHQWGD\VRUWU\UHSHDWLQJOHVVRQVZLWK\RXURZQDGDSWDWLRQV,QWKHODVWDQDO\VLVRQO\
\RXFDQGHFLGHKRZWRVFKHGXOHPDWKHPDWLFVLQ\RXUFODVV
J3B_Bm^Z\afZmahgerZ\hnie^mbf^lZp^^d%Bpbeeg^o^k`^mmakhn`ama^
r
i
%
`
`
pahe^ikh`kZf'Pab\amhib\lZk^ik^k^jnblbm^_hkma^
i
<LFI ?bklm@kZ]^
ikh`kZf8
:3 6WULFWO\VSHDNLQJQRWRSLFLVDGHÀQLWHSUHUHTXLVLWHIRUWKH)LUVW*UDGHSURJUDP%XWWKHPRUH
H[SHULHQFHVVWXGHQWVKDYHKDGWKHEHWWHURIIWKH\DUHOLNHO\WREH&HUWDLQVNLOOVDUHFULWLFDOIRU
VWXGHQWVE\WKHWLPHWKH\HQWHU)LUVW*UDGHQRWVRPXFKEHFDXVHRIWKH &603SURJUDPLWVHOI
EXWEHFDXVHRIWKHJDSWKDWZLOOH[LVWEHWZHHQWKRVHVWXGHQWV·EDVLFNQRZOHGJHDQGWKDWRIPRVW
RIWKHLUSHHUV7KHVHVNLOOVLQFOXGH
‡
‡
‡
‡
‡
‡
WKHDELOLW\WRDWWHQGWRDQGFDUU\RXWVLPSOHLQVWUXFWLRQV
WKHDELOLW\WRVLWXDWHRQHVHOILQWLPHRUVSDFHOHIWULJKWXSGRZQEHIRUHDIWHU
NQRZLQJWKHQDPHVRIEDVLFFRORUV
NQRZLQJKRZWRFRXQWDVPDOOQXPEHURIREMHFWV
WKHDELOLW\WRUHFLWHWKHQXPEHUVIURPRQHWRWHQLQRUGHU
WKHDELOLW\WRUHFRJQL]HDVLQJOHQXPHUDO
,QGHHGLIVRPHRI\RXUVWXGHQWVKDYHIDLOHGWRDFTXLUHWKLVEDVLFNQRZOHGJHE\WKHWLPHWKH\
FRPSOHWH.LQGHUJDUWHQLWPLJKWEHZRUWKZKLOHDSSURDFKLQJWKHDSSURSULDWHVFKRRODXWKRULWLHV
ZLWKDYLHZWRGLVFRYHULQJLIVSHFLÀFSK\VLFDORUPHQWDOSUREOHPVDUHDIDFWRU,WPLJKWDOVR
EHZRUWKZKLOHWRFRQVLGHUKDYLQJWKHVWXGHQWUHSHDWWKH.LQGHUJDUWHQ\HDU
+&,
J3H\\ZlbhgZeer%pa^gBk^Z]Ze^llhg%B_^^ebmlghm`hbg`mhphkdpbma
r%
%
` `
frlmn]^gmlhkbm]h^lgmÛmfrm^Z\abg`lmre^'=hBaZo^mhm^Z\a^o^kr
r
lbg`e^e^llhg8
:3 1RRIFRXUVHQRW<RXNQRZ\RXUVWXGHQWV\RXKDYHWRWHDFKWKHOHVVRQVR\RXVKRXOGEHWKH
RQHWRPDNHWKHÀQDOGHFLVLRQ+RZHYHUWHDFKLQJLVDOLWWOHELWOLNHFRRNLQJVRPHWLPHVLWSD\V
RIIWREHDOLWWOHDGYHQWXURXVDQGJLYHDOHVVRQDWU\HYHQLI\RXKDYHPL[HGIHHOLQJVDERXWLW
J3Blbmg^\^llZkrmh_heehpma^ln``^lm^]l\a^]ne^^qZ\mer8
:3 7KLVSURJUDPLVQRWPHDQWWREHDVWDWLFVHTXHQFH7KHVFKHGXOHRIOHVVRQVLVRQO\DVXJJHVWLRQ
EDVHGRQWKHWHDFKLQJH[SHULHQFHVRIPDQ\WHDFKHUVDQG &603VWDII,IWKLVLV\RXUÀUVWWLPH
WHDFKLQJWKHSURJUDP\RXPD\OLNHVSHFLÀFVXJJHVWLRQVIRURUJDQL]LQJWKHOHVVRQVVRZHRIIHU
\RXWKHVXJJHVWHGVFKHGXOHDVDJXLGHOLQH<RXPD\ZLVKWRIROORZLWDWWKHEHJLQQLQJRIWKH
VFKRRO\HDUDQGWKHQGHYLDWHIURPLWDVWKHQHHGVRI\RXUVWXGHQWVGLFWDWH
([HUFLVH\RXURZQSURIHVVLRQDOMXGJPHQWLQGHFLGLQJZKHQWRVWRSDSDUWLFXODUOHVVRQ,WLV
EHWWHUWRVWRSDOHVVRQZKHQVWXGHQWLQWHUHVWLVKLJKWKDQWRWHDFKVRPHWKRGLFDOO\WKDWHYHU\RQH
LQWKHFODVVXQGHUVWDQGVHYHU\WKLQJEXWLVFRPSOHWHO\ERUHG,QRUGHUWREHVXFFHVVIXOZLWKWKLV
FXUULFXOXP\RXVKRXOGDGMXVWWKHVFKHGXOHWRWKHDELOLWLHVPDWXULW\DQGLQWHUHVWVRI\RXUFODVV
J3Bo^cnlmli^gmfrpahe^lnff^kik^iZkbg`lhf^k^Zeer^q\bmbg`fZma
c
i
r
i i
`
r
Z\mbobmb^l'<ZgBnl^ma^fbgZ]]bmbhgmhma^<LFIfZm^kbZel8
:3 2IFRXUVH\RXFDQ0RVW.LQGHUJDUWHQWHDFKHUVDUHYHU\FUHDWLYHSHRSOHDQGDVDUHVXOWWKHUH
DUHDORWRIH[FLWLQJDFWLYLWLHVDURXQG,WZRXOGEHDVKDPHWROHWWKHPJRWRZDVWH%HFDUHIXO
WKRXJKWKDW\RXGRQ·W´RYHUIHHGµ\RXUVWXGHQWV
J3?hkpaZmlhkmh_lmn]^gmblma^<LFI ^e^f^gmZkr\nkkb\nenf]^lb`g^]8
:3 ,WLVGHVLJQHGIRUU DOOVWXGHQWV6WXGHQWVHQJDJHZLWKHDFKOHDUQLQJVLWXDWLRQDWWKHLURZQOHYHO
VRWKDWWKH\VXFFHHGLQGHDOLQJZLWKVRPHDVSHFWVRIWKHVLWXDWLRQWKDWFKDOOHQJHWKHP7KH
SHGDJRJ\RIVLWXDWLRQVLVSDUWLFXODUO\HIIHFWLYHZLWKDOOW\SHVRIOHDUQHUV
J3PaZmikhoblbhglZk^fZ]^_hkma^oZkb^mrh_Z[bebmb^lbgZmrib\Ze\eZll8
:3 (YHU\OHVVRQLQFOXGHVVRPHWKLQJWKDWDOORZVHYHU\VWXGHQWWRSDUWLFLSDWHLQDPHDQLQJIXOZD\
UHJDUGOHVVRIGLIIHULQJDELOLWLHV(YHQ\RXUEULJKWHVWVWXGHQWVZLOOKDYHFKDOOHQJHV7KLVPHDQV
WKDW\RXVKRXOGQRWH[FOXGHDQ\VWXGHQWIURPDIXOOJURXSOHVVRQEXWDWWKHVDPHWLPH\RX
VKRXOGQRWH[SHFWHYHU\VWXGHQWWRIXOO\XQGHUVWDQGHYHU\WKLQJLQDOHVVRQHLWKHU<RXZLOOÀQG
WKDWWKHVSLUDOGHYHORSPHQWOHDYHVPDQ\VLWXDWLRQVRSHQHQGHGDOORZLQJVWXGHQWVWRH[SHULHQFH
WKHPDWGLIIHUHQWOHYHOV
2QHYHU\HIÀFLHQWZD\RIKHOSLQJVWXGHQWVZKRQHHGPRUHSUDFWLFHLVWRZRUNZLWKWKHPLQ
VPDOOHUJURXSVDVVXJJHVWHGLQPDQ\RIWKHOHVVRQV([WHQVLRQDFWLYLWLHVZKLFKIROORZPDQ\RI
WKHOHVVRQVSURYLGHDYDULHW\RIRSSRUWXQLWLHVIRUVWXGHQWVZKRQHHGPRUHFKDOOHQJH
(YDOXDWLRQKDVVKRZQWKDWVWXGHQWVWUDGLWLRQDOO\ODEHOHG´VORZµGREHWWHULQ &603FODVVHVWKDQ
LQQRQ&603 FODVVHV:HEHOLHYHWKLVLVGXHWRVHYHUDOWKLQJVWKHVSLUDOGHYHORSPHQWJURXS
ZRUNRQPDWKHPDWLFDODFWLYLWLHVDQGWKHSUHVHQFHRIDZLGHYDULHW\RIERWKQXPHULFDODQGQRQ
QXPHULFDOVLWXDWLRQVLQWKH &603 FXUULFXOXP
+&-
J3PaZmikhoblbhg]h^lma^ikh`kZffZd^_hklmn]^gmlpahg^^]fhk^
i
i
phkdhggnf[^kk^Z]bg^ll8
:3 (YHU\WHQWKGD\RIWKHVFKHGXOHLVVHWDVLGHWRDGGUHVVSUREOHPVRIWKLVNLQG7KHVXJJHVWLRQV
FRQWDLQHGRQWKHVHDGMXVWPHQWGD\VLQFOXGHLGHDVIRUGHDOLQJZLWKSDUWLFXODUQHHGVRIFHUWDLQ
VWXGHQWVIRUH[DPSOHSUDFWLFHDWFRXQWLQJDVPDOOQXPEHURIREMHFWVRUUHFRJQL]LQJWKH
QXPHUDOVIURPWRDQGVRRQ
J3ParZk^ma^k^ghe^llhglhgm^eebg`mbf^hkhgf^Zlnkbg`p^b`am%
r
ohenf^%Zg]\ZiZ\bmr8
:3 6LQFHWKHUHDUHPDQ\H[FHOOHQWPDWHULDOVDOUHDG\DYDLODEOHWRKHOS\RXWHDFKVWXGHQWVWRWHOO
WLPHWKHUHLVQRQHHGIRUXVWRGXSOLFDWHWKHPLQWKLVJXLGH3UHVHQW\RXUXVXDOOHVVRQVRQWKLV
WRSLF)XUWKHUPRUHZHIHHOWKDWLQVWUXFWLRQLQWHOOLQJWLPHEHORQJVPRUHQDWXUDOO\DVSDUWRID
ODQJXDJHSURJUDPWKDQDPDWKHPDWLFVSURJUDP
$WWKH.LQGHUJDUWHQOHYHOPHDVXUHPHQWDFWLYLWLHVDUHFRPSDUDWLYHDQGWKLVLQFOXGHVFRPSDULQJ
ZHLJKWVDQGFDSDFLWLHV1RDWWHPSWLVPDGHDWWKLVOHYHOWRDVVLJQPHDVXUHVEDVHGRQJLYHQXQLWV
J3Lahne]Blniie^f^gmma^ikh`kZfpbmafhk^ikZ\mb\^bgZ]]bmbhgZg]
ii
ln[mkZ\mbhg_Z\ml8
:3 7KHUHLVDVXUSULVLQJDPRXQWRIZRUNRQFRQFHSWVRIDGGLWLRQDQGVXEWUDFWLRQ0RVWLVLPSOLFLW
LQWKHDFWLYLWLHVDQGLVQRWLQWKHIRUPRISUDFWLFHIRULWVRZQVDNH,I\RXIHHOLWQHFHVVDU\WR
JLYHVXSSOHPHQWDU\SUDFWLFHZHVXJJHVW\RXNHHSUHSHWLWLYHGULOOWRDPLQLPXPVRDVQRWWR
HQGDQJHUWKHVWXGHQWV·LQWHUHVWLQQXPHULFDOVLWXDWLRQV
J3Ahp]hlmn]^gmle^Zkgmhnl^fZma^fZmb\lbgikZ\mb\ZelbmnZmbhgl8
:3 )RUHOHPHQWDU\VFKRROVWXGHQWVDVLWXDWLRQWKDWLQWULJXHVWKHPFDWFKHVWKHLULPDJLQDWLRQRU
SLTXHVWKHLUFXULRVLW\ZLOOPRWLYDWHWKHPWROHDUQZKDWHYHULVQHFHVVDU\LQRUGHUWRGHDOZLWK
WKHVLWXDWLRQ%XWVLWXDWLRQVWKDWDGXOWVFRQVLGHU´SUDFWLFDOµYHU\RIWHQDUHRXWVLGHWKHUHDOP
RILQWHUHVWRI\RXQJVWXGHQWVDQGGRQRWSURYLGHPRWLYDWLRQIRUOHDUQLQJ &603 KDVIRXQG
WKDWVWXGHQWVZLOOLQGHHGOHDUQWRXVHPDWKHPDWLFVLQVLWXDWLRQVWKH\FRQVLGHUZRUWK\RIWKHLU
DWWHQWLRQ$VWKH\DSSURDFKDGXOWKRRGWKH\ZLOOEHJLQWRFRQVLGHUSUDFWLFDOVLWXDWLRQVZRUWK\RI
WKHLUDWWHQWLRQEXWLQWKHPHDQWLPHWKH\DUHPRUHLQWHUHVWHGLQJDPHVIDQWDV\SX]]OHVVWRULHV
DQGVRRQ
J3PaZmblma^khe^h_lmhkr[hhdlbgma^\nkkb\nenf8
:3 7KHVWRU\ERRNVDUHSDUWRIDVWRU\FROOHFWLRQFDOOHG 6WRULHVE\)UpGpULTXH(DFKLVSUHVHQWHG
LQDFRORUIXOQHZVSULQWERRNOHWGHVLJQHGIRU\RXQJVWXGHQWV7KUHHVWRU\ERRNVDUHXVHGZLWK
OHVVRQVLQ &6030DWKHPDWLFVIRU.LQGHUJDUWHQ FRSLHVRIHDFKVWRU\ERRNDUHSURYLGHGLQD
FODVVURRPVHWRIPDWHULDOV(DFKVWRU\LVLOOXVWUDWHGXVLQJWKHPDWKHPDWLFDOODQJXDJHVRIGRWV
DUURZVDQGVWULQJVWRUHLQIRUFHWKHVWRU\LGHD<RXQJUHDGHUVFDQEHFRPHSHUVRQDOO\LQYROYHG
LQWKHVWRULHVWKHUHDUHTXHVWLRQVWRDQVZHUSLFWXUHVWRUHODWHWRWKHVWRU\DQGQHZDGYHQWXUHV
WRLQYHQWIRUWKHFKDUDFWHUV7KH\ÀQGWKDWHPRWLRQVDQGDHVWKHWLFVDUHSDUWRIWKHZRUOGRI
PDWKHPDWLFVMXVWDVLQWKHZRUOGRISHRSOH
0DQ\RWKHUOHVVRQVLQFOXGHVXJJHVWLRQVIRUUHDGLQJDFWLYLWLHVXVLQJFKLOGUHQ·VOLWHUDWXUHDVDQ
H[WHQVLRQRUHQKDQFHPHQW
+&.
J3Bik^_^km^Z\abg`lfZee`khnil%[nmfZgrh_ma^e^llhgll^^fmh[^
i
`
`
i
r
Zbf^]Zmma^pahe^`khni'PaZm]hrhnln``^lm8
:3 ,I\RXUVFKRROURXWLQHDOORZV\RXPLJKWWU\WHDFKLQJDOHVVRQWZLFHRQFHWRHDFKKDOIRI\RXU
FODVV%XWLI\RXGRWKLVLWPLJKWEHZLVHWRYDU\WKHFRPSRVLWLRQRIWKHJURXSVHDFKGD\VR
WKDW\RXDUHQRWWHPSWHGWRJURXSVWXGHQWVDFFRUGLQJWR\RXUSHUFHSWLRQRIWKHLUDELOLWLHV
$OZD\VJURXSLQJE\DELOLW\PD\JXDUDQWHHWKDWKDOI\RXUVWXGHQWVKDYHOHVVH[SHULHQFHWKDQ
WKHRWKHUKDOIWKURXJKQRIDXOWRIWKHLURZQ7KHSXUSRVHRIWKHIXOOJURXSH[SHULHQFHVLVWR
DOORZLQWHUDFWLRQDPRQJDOOVWXGHQWVLQHYHU\VLWXDWLRQSRVHGLQWKHOHVVRQV6WXGHQWVOHDUQTXLWH
DELWIURPHDFKRWKHU·VUHDFWLRQV<RXZLOOEHVXUSULVHGWRÀQGWKDWLQVRPHVLWXDWLRQVWKHNH\
UHVSRQVHVFRPHIURPVWXGHQWV\RXOHDVWH[SHFW
2XUDQVZHUPLJKWJLYHWKHLPSUHVVLRQWKH &603WHDFKLQJWDNHVSODFHRQO\LQIXOOJURXS
VHWWLQJV7KLVQRWWKHFDVH7KHUHDUHPDQ\RSSRUWXQLWLHVWRJURXSVWXGHQWVLQDYDULHW\RI
ZD\V³SDUWQHUVVPDOOFRRSHUDWLYHJURXSVWHDPVDQGVRRQ,QDGGLWLRQWKHUHLVWLPHDOORWWHG
IRULQGLYLGXDOZRUN:HDOVRHQFRXUDJH\RXWRDUUDQJHVPDOOJURXSVHVVLRQVZKHQHYHU\RX
KDYHWLPHSDUWLFXODUO\IRUVWXGHQWVZKRQHHGH[WUDSUDFWLFH6XFKVPDOOJURXSDFWLYLWLHVPD\
VXSSOHPHQWWKHIXOOJURXSOHVVRQVEXWVKRXOGQRWUHSODFHWKHP
J3Ma^ikh`kZffZd^lnl^h_ma^lmn]^gml\k^Zmbo^_k^^]hf'Ahpfn\a
khhfblma^k^_hkma^m^Z\a^klbg`^gnbmr8
:3 &603QRWRQO\DOORZVIRU\RXULQJHQXLW\EXWGHSHQGVRQLW:KLOHWKHOHVVRQVPD\DSSHDUWREH
ULJLGE\SUHVHQWLQJDGLDORJXHIRUWHDFKHUVDQGVWXGHQWVUHPHPEHUWKDWWKHVHDUHRQO\VXJJHVWHG
TXHVWLRQVDQVZHUVDQGFRPPHQWVEDVHGRQRXUH[SHULHQFHZLWKGHYHORSPHQWFODVVHV(YHQLI
\RXIROORZ\RXUSDUWRIWKHVFULSW\RXUVWXGHQWVDUHOLNHO\WRRIIHUUHVSRQVHVZKLFKGLIIHUIURP
WKRVHZHKDYHOLVWHG,WLVWKHVWXGHQWV·UHVSRQVHVWKDWZLOOGHWHUPLQHWKHFRQWHQWDQGGLUHFWLRQRI
DOHVVRQ
,QDWUDGLWLRQDOSURJUDP\RXUFUHDWLYLW\LVFDOOHGXSRQWKHÀUVWWLPH\RXGHYHORSDSDUWLFXODU
OHVVRQDQGWRDOHVVHUH[WHQWDV\RXUHYLVHOHVVRQVLQVXFFHHGLQJ\HDUV7KHUHLVOLWWOHURRPIRU
VSXURIWKHPRPHQWFUHDWLYLW\RQFHDOHVVRQEHJLQV7KH &603 FXUULFXOXPE\FUHDWLQJDIUHH
DQGRSHQVLWXDWLRQHPSKDVL]LQJWKHVWXGHQWV·FUHDWLYHIUHHGRPFRQWLQXDOO\SUHVHQWV\RXZLWK
XQDQWLFLSDWHGVWXGHQWUHVSRQVHVDQGFDOOVRQ\RXULQJHQXLW\DWDOOWLPHV
J3Ahp\ZgB^qieZbg<LFImhiZk^gml8
:3 7KURXJKRXWWKH\HDUWKHUHDUHRSSRUWXQLWLHVWRFRPPXQLFDWHZLWKDQGLQYROYHSDUHQWVLQWKH
PDWKSURJUDP7KHFXUULFXOXPPDWHULDOVLQFOXGHQXPHURXVOHWWHUVWRSDUHQWVWKDWFDQSURYLGH
PRUHLQWURGXFWLRQWRWKH &603ODQJXDJHVWRROVDQGPHWKRGV+RPHDFWLYLWLHVDFFRPSDQ\
PDQ\OHVVRQVDQGDUHRSSRUWXQLWLHVIRUSDUHQWVWREHFRPHLQYROYHGZLWKWKHLUFKLOGUHQLQ
OHDUQLQJPDWKHPDWLFV6RPHWLPHVWKH\VXJJHVWIROORZXSRUSUDFWLFHDQGRWKHUWLPHVHQULFKPHQW
RUH[WHQVLRQRIDFODVVOHVVRQ
+&/
<RXPLJKWDOVRH[WHQGDQLQYLWDWLRQWRSDUHQWVWRYLVLW\RXUFODVVGXULQJWKHPDWKSHULRG
0DQ\WLPHVVXFKDQLQYLWDWLRQOHDGVWRDFORVHUSDUHQWWHDFKHUUHODWLRQVKLSRUWRWKHSDUHQW
YROXQWHHULQJDVDQDLGH
L^\mbhg?hnk
=Zr&[r&=Zr
E^llhg@nb]^
*
+
DBG=>K@:KM>G=:R&;R&=:RE>LLHG@NB=>
D)
D*
D+
D,
D-
D.
D/
D0
D1
D2
D*)
D**
D*+
D*,
D*-
D*.
D*/
D*0
D*1
D*2
D+)
D+*
D++
D+,
D+-
D+.
D+/
D+0
D+1
D+2
D,)
D,*
D,+
D,,
D,-
D,.
D,/
D,0
D,1
D,2
D-)
D-*
D-+
D-,
D--
D-.
D-/
D-0
D-1
D-2
D.)
D.*
D.+
D.,
D.-
D..
D./
D.0
D.1
D.2
D/)
D/*
D/+
D/,
7KLQJVWR'R%HIRUH6FKRRO%HJLQV-&.
)UHH([SORUDWLRQ-&**
&RPSDUDWLYH6L]HV-&*,
:DONRU5LGH*UDSK-&*.
&KDQJHVLQ6L]H-&*0
2GGVDQG(QGV-&*2
'XFNV-&+*
&RXQWDQG'R -&+,
6RUWLQJZLWK6WULQJV -&+.
*HRERDUGV -&+0
$GMXVWPHQW$VVHVVPHQW'D\ -&+2
6RUWLQJZLWK6WULQJV-&,*
&KDQJHV&KDQJHV -&,,
)LYH/LWWOH0RQNH\V -&,.
.$%ORFNV -&,0
*UDSKLQJ2EMHFWV -&,2
1XPEHU5HDGLQHVV -&-*
:D\VWR0DNH6L[ -&-,
&5RGV -&-.
2UFKHVWUD -&-0
$GMXVWPHQW$VVHVVPHQW'D\-&.*
&KLOGUHQDQG%RRNV -&.,
2UGHUE\6L]H -&..
1XPHUDO:ULWLQJ -&.0
.$%ORFNV -&.2
*HRERDUGV-&/*
+DSS\)LVK -&/,
&5RGV -&/.
1XPEHU&ROODJH -&/0
7KH=RR -&/2
$GMXVWPHQW$VVHVVPHQW'D\ -&0,
&5RGV -&0.
1XWV2YHU*UDSKLQJ -&00
(YHU\RQH/LVWHQV(YHU\RQH$FWV -&02
&RQVWUXFWLQJ3DWWHUQV-&1*
(OHFWURQLF7RROV -&1,
:D\VWR0DNH(LJKW -&1.
&5RGV -&10
&DOFXODWRU,QWURGXFWLRQ -&12
7KH3OD\IXO1XPEHUV-&2*
$GMXVWPHQW$VVHVVPHQW'D\ -&2,
6TXLUUHOVDQG1XWV -&2.
0HDVXULQJ7RROV -&20
&ODVV&RXQWLQJ%RRN -&22
:D\VWR0DNH7HQ -&*)*
.$%ORFNV -&*),
<HV1R*UDSKV -&*).
)UHLJKW7UDLQV -&*)0
&DOFXODWRU,QWURGXFWLRQ -&***
1XPEHU%XJV-&**,
$GMXVWPHQW$VVHVVPHQW'D\-&**.
)O\LQJ%LUGV-&**0
*HRERDUGV-&**2
2QHWR2QH&RUUHVSRQGHQFH -&*+*
1XPEHU%XJV -&*+.
&KLOGUHQDQG+RXVHV -&*+0
&5RGV -&*,*
3HRSOH3DWWHUQV -&*,,
5RVHV -&*,.
&DOFXODWRU,QWURGXFWLRQ -&*,0
$GMXVWPHQW$VVHVVPHQW'D\ -&*,2
/HQJWK -&*-*
1XPHUDO:ULWLQJ -&*-,
&KLFNVDQG+HQV -&*-.
-&*
,
D/-
D/.
D//
D/0
D/1
D/2
D0)
D0*
D0+
D0,
D0-
D0.
D0/
D00
D01
D02
D1)
D1*
D1+
D1,
D1-
D1.
D1/
D10
D11
D12
D2)
D2*
D2+
D2,
D2-
D2.
D2/
D20
D21
D22
D*))
D*)*
D*)+
D*),
D*)-
D*).
D*)/
D*)0
D*)1
D*)2
D**)
D***
D**+
D**,
D**-
D**.
D**/
D**0
D**1
D**2
D*+)
D*+*
D*++
D*+,
D*+-
D*+.
D*+/
D*+0
-&+
-
&5RGV -&*-0
:KDW·V&RRNLQJ" -&*-2
&RXQWLQJ&DOFXODWRU -&*.*
7HOHSKRQH1XPEHUV -&*.,
:D\VWR0DNH7HQ -&*..
7KH%DE\LV%RUQ -&*.0
$GMXVWPHQW$VVHVVPHQW'D\ -&*.2
&DQG\*UDSK-&*/*
7KH7UDLQ -&*/,
5RERW:DON -&*/.
6LQNLQJ%RDW -&*/0
:KDW&RXOG:H%H" -&*/2
7DNLQJD7ULS -&*0*
&RXQWLQJ2Q -&*0,
/HQJWK -&*0.
&RXQWGRZQ -&*00
$GMXVWPHQW$VVHVVPHQW'D\ -&*02
2QH:D\5RDGV -&*1*
&RXQWLQJ&DOFXODWRU -&*1,
.$%ORFNV -&*1.
&RXQWLQJ2Q -&*10
2UGHU -&*12
*HRERDUGV -&*2*
5RERW:DON -&*2,
.$%ORFNV -&*2.
&RXQWLQJ2Q -&*20
$GMXVWPHQW$VVHVVPHQW'D\ -&*22
/HQJWK -&+)*
&RLQV-&+),
+DSS\)LVK-&+).
&RXQWLQJ&DOFXODWRU-&+)0
&ORZQV-&+)2
/RFDWLQJ1XPEHUVRQD1XPEHU/LQH-&+**
6ROLGV -&+*,
6WULQJV -&+*.
0RQNH\VDQG%DQDQDV -&+*0
$GMXVWPHQW$VVHVVPHQW'D\ -&+*2
&RXQWLQJ$FWLYLW\ -&++*
2UGHU-&++,
5RERW:DON-&++.
7HQ%ODFN'RWV-&++0
7HOOLQJ6WRULHVIRUDQ$UURZ3LFWXUH-&++2
0DUFKLQJ%DQG -&+,*
²1XPHUDO&KDUW-&+,,
2QH:D\5RDGV-&+,.
2QHWR2QH&RUUHVSRQGHQFH -&+,0
$GMXVWPHQW$VVHVVPHQW'D\-&+,2
7KH1XPEHU/LQH*DPH-&+-*
6ROLGV-&+-,
&RXQWLQJ&DOFXODWRU-&+-.
&DWFKWKH7LJHU-&+-0
6WULQJV -&+.*
&RLQV-&+.,
0HWHU0HDVXUH-&+..
7ZHOYH(OHSKDQWV-&+.0
'HWHFWLYH6WRU\ -&+/*
$GMXVWPHQW$VVHVVPHQW'D\-&+/,
&DWFKWKH7LJHU-&+/.
6WULQJV -&+/0
1XPEHU)DFWV-&+/2
0LUURU6\PPHWU\ -&+0*
7KH1XPEHUV6SHDN-&+0,
1XPHUDO&KDUW%LQJR-&+0.
&DOFXODWRU$GGLWLRQ-&+00
D*+1
D*+2
D*,)
D*,*
D*,+
D*,,
D*,-
D*,.
D*,/
D*,0
D*,1
D*,2
D*-)
D*-*
D*-+
D*-,
D*--
D*-.
3HW*UDSK-&+02
$&RXQWLQJ6QDNH -&+1*
$GMXVWPHQW$VVHVVPHQW'D\-&+1,
1XPEHU)ULHQGV-&+1.
0LUURU6\PPHWU\ -&+10
0RYLH7KHDWUH6HDWV-&+12
7HOOLQJ6WRULHVIRUDQ$UURZ3LFWXUH -&+2*
6WULQJV-&+2,
6WRU\WHOOHUV-&+2.
&RXQWLQJE\7ZRV-&+20
&DU7UDFNV-&+22
'HWHFWLYH6WRU\ -&,)*
$GMXVWPHQW$VVHVVPHQW'D\-&,),
2QH6LGH7ZR6LGHV-&,).
0LUURU6\PPHWU\-&,)2
&DU7UDFNV-&,**
'HWHFWLYH6WRU\ -&,*,
-XPS\)URJV -&,*.
-&,
.
/
D)MABG@LMH=H;>?HK>L<AHHE
;>@BGL
DH
+DQJWKHQXPEHUOLQHH[FHSWIRUWKHQHJDWLYHSRUWLRQ$ERYHWKHFKDONERDUGLVDJRRGSODFHEXW
DQ\ZKHUHWKHVWXGHQWVFDQVHHLWZKHUH\RXKDYHHDV\DFFHVVWRLWDQGZKHUHLWGRHVQRWQHHGWR
EHKXQJLQVHSDUDWHSDUWVZLOOGR
+DQJWKH²QXPHUDOFKDUW,WVKRXOGEHLQDSODFHZKHUHVWXGHQWVFDQWRXFKWKHQXPHUDOV
$WWDFKWZRQXPEHUOLQHVWRVWXGHQWV·WDEOHVRQRSSRVLWHVLGHV
%HVXUH\RXKDYHFRORUHGFKDON
%HVXUH\RXKDYHSOHQW\RIXQOLQHGSDSHUDQGDER[RIFUD\RQVRUFRORUHGSHQFLOVIRUHDFK
VWXGHQW
'HFLGHKRZ\RXZDQWWRRUJDQL]HVWXGHQWPDQLSXODWLYHVHQYHORSHVRUVHOIVHDOLQJSODVWLFEDJV
IRU.$EORFNVDQG&URGVELQVRUVPDOOER[HVIRU8QLÀ[ŠFXEHVRURWKHUEORFNVSODVWLFVWRUDJH
FRQWDLQHUVIRUFRXQWHUVRUFRLQVDQGVRRQ
3UHSDUHGHPRQVWUDWLRQ.$EORFNVDQG&URGVZLWKPDJQHWLFPDWHULDORUPDVNLQJWDSHORRSV
/RFDWHVWXGHQW&URGVPDQLSXODWLYHVFDOFXODWRUVDQGVRRQ
3XWPDQLSXODWLYHVVXFKDV&URGV.$EORFNV8QLÀ[ŠFXEHVFRXQWHUVDQGVRRQLQFHQWHUV
IRUVWXGHQWVWRH[SORUHIUHHO\&HQWHUVFDQVHUYHWRLQWURGXFHVWXGHQWVWRPDQLSXODWLYHVWKDW
ZLOOEHXVHGLQOHVVRQVDQGSURYLGHIUHHH[SORUDWLRQWLPHEHIRUHWKHOHVVRQV$OLVWRIYDULRXV
PDQLSXODWLYHVUHFRPPHQGHGIRUIUHHH[SORUDWLRQFHQWHUVLVRQSDJH
3UHSDUHRGGVDQGHQGVER[HVLQZKLFK\RXFDQNHHSFROOHFWLRQVRILWHPVVXFKDVPDUEOHVEHDGV
QXWVEROWVURFNVEXWWRQVDQGVRRQ³LWHPVWKDWZLOOEHXVHGE\VWXGHQWVLQYDULRXVVRUWLQJDQG
JUDSKLQJDFWLYLWLHV$OLVWRIRGGVDQGHQGVLGHDVLVRQSDJH
9DULRXVVDPSOHOHWWHUVDUHFRQWDLQHGLQWKH%ODFNOLQHVHFWLRQRIWKLVPDQXDO<RXPD\ZLVKWR
PDNHFRSLHVRIWKH.DOHWWHUWRVHQGKRPHZLWKVWXGHQWVRQWKHÀUVWGD\RIVFKRRO7KLVOHWWHU
LQWURGXFHVSDUHQWVWRWKHDFWLYLWLHVWKHLUFKLOGZLOOEHHQJDJHGLQE\&603DQGDVNVWKHPWR
ZRUNZLWKWKHLUFKLOGWRFROOHFWLWHPVIRUWKHRGGVDQGHQGVER[
5HYLHZWKHÀUVWWHQOHVVRQVDQGVHOHFWÀQJHUSOD\VPDQLSXODWLYHVDQGOLWHUDWXUHWRXVHLQWKHVH
OHVVRQV6DPSOHÀQJHUSOD\VDQGDOLVWRIPDQLSXODWLYHVWKDWZLOOEHXVHGLQOHVVRQVWKURXJKRXW
WKH\HDUFDQEHIRXQGRQSDJHVDQG²7KH$SSHQGL[FRQWDLQVDOLVWRIFKLOGUHQ·V
OLWHUDWXUHDUUDQJHGLQFDWHJRULHVWRKHOS\RXPDNHVHOHFWLRQVIRUWKHOHVVRQV
6RPHOHVVRQVFRQWDLQVXJJHVWLRQVIRUDVVHVVPHQWV6DPSOHDVVHVVPHQWLQVWUXPHQWVDUHSURYLGHG
LQ%ODFNOLQHV.E²N8VHWKHVHVXJJHVWLRQVDQGWRROVDW\RXUGLVFUHWLRQ
&UHDWHD´+RPH$FWLYLWLHVµÀOH7KHÀOHFDQKHOS\RXNHHSWUDFNRIWKHW\SHVRIFRPPXQLFDWLRQV
\RXSODQWRVHQGKRPHWRSDUHQWVWKURXJKRXWWKH\HDU7KLVPD\LQFOXGHDFWLYLW\LGHDVVXJJHVWHG
LQWKHWHDFKHU·VPDQXDOIROORZLQJYDULRXVOHVVRQVSDUHQWOHWWHUVDQGRUDFWLYLWLHVRI\RXURZQ
7KHVDPSOHOHWWHURQWKHIROORZLQJSDJHPLJKWDFFRPSDQ\WKHÀUVWDFWLYLW\VHQWKRPHLQDQ
HQYHORSH
-&.
D)
'HDU3DUHQW*XDUGLDQ
$FWLYLWLHVWRDFFRPSDQ\YDULRXVOHVVRQVLQRXUPDWKHPDWLFVSURJUDP&603ZLOOEHVHQWKRPHZLWK\RXU
FKLOGSHULRGLFDOO\7KH\ZLOOEHFDOOHG´+RPH$FWLYLWLHVµUDWKHUWKDQ´+RPHZRUNµEHFDXVHZHKRSH\RX
ZLOOXVHWKHPDVDQRSSRUWXQLW\WREHFRPHLQYROYHGZLWK\RXUFKLOGLQOHDUQLQJPRUHDERXWWKH&603WRROV
PHWKRGVDQGVNLOOV
6RPHKRPHDFWLYLWLHVZLOOEHIROORZXSRUSUDFWLFHIRUDOHVVRQRWKHUVZLOOEHIRUHQULFKPHQWRUH[WHQVLRQ,W
ZLOOEHKHOSIXOLI\RXNHHSDOOWKHDFWLYLWLHVDQGPDWHULDOVLQWKHHQYHORSHSURYLGHG6RPHPDWHULDOVPD\EH
XVHGPRUHWKDQRQFHDQG\RXPD\ZDQWWRUHIHUEDFNWRSUHYLRXVDFWLYLWLHV
6LQFHUHO\
7HDFKHU·V6LJQDWXUH
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.)UHH([SORUDWLRQ0DQLSXODWLYHV
.&RPSDUDWLYH6L]HV)ODQQHOERDUGDQGÁDQQHOFXWRXWV
.2GGVDQG(QGV<HV1RFDUGVVWULQJORRSV
.6RUWLQJZLWK6WULQJV&KDUWSDSHU
.*HRERDUGV2YHUKHDGJHRERDUGRUWUDQVSDUHQF\JHRERDUGVDQGJHREDQGV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH........
-&/
DH
%HDGVZRRGHQSODVWLFRUPXOWLYDULDQW
&RORU&XEHVDQGRU7LOHV
&RXQWHUVYDULRXVW\SHVDQGVKDSHV
&XLVHQDLUH5RGV&5RGV
'RPLQRHV
.$%ORFNV
3DWWHUQRU3DUTXHWU\%ORFNV
8QLÀ[Š&XEHV
%HDGV
%HDQV
%RWWOH&DSV
%XWWRQV
&RLQV
&RORUHG3RP3RPV
&RUNV
&RXQWHUV
.H\V
/LGV
0DFDURQL
0DUEOHV
1XWVDQG%ROWV
3DSHU&OLSV
3ODVWLF&KLSV
3LSH&OHDQHUV
5RFNV
5XEEHU%DQGV
6KHOOV
6SRROV
?bo^Ebmme^Dbg]^k`Zkmg^kl
?bo^Ebmme^=n\dl
)LYHOLWWOH.LQGHUJDUWQHUVLQDURZ
+ROGXSÀYHÀQJHUVRQRQHKDQG
7KHÀUVWRQHLVZHDULQJDEULJKWUHGERZ
+ROGXSRQHÀQJHU
7KHVHFRQGRQH·VKDQGVDUHLQKLVODS
+ROGXSDVHFRQGÀQJHU
7KHWKLUGRQHKDVDQHZEOXHFDS
+ROGXSDWKLUGÀQJHU
7KHIRXUWKRQHVD\V´,W·VDQLFHGD\µ
+ROGXSDIRXUWKÀQJHU
7KHÀIWKRQHPHWDIULHQGRQWKHZD\
+ROGXSDOOÀYHVÀQJHUVDQGZDYH
:KRLVWKDWIULHQGVRQHZ"
,VWKDWIULHQG\RX"
3RLQWWRDIULHQG
)LYHOLWWOHGXFNVZHQWRXWRQHGD\
2YHUWKHKLOOVDQGIDUDZD\
0RWKHUVDLG´4XDFNTXDFNTXDFNµ
%XWRQO\IRXUOLWWOHGXFNVFDPHEDFN
)RXUOLWWOHGXFNVZHQWRXWRQHGD\«
%XWRQO\WKUHHOLWWOHGXFNVFDPHEDFN
7KUHHOLWWOHGXFNVZHQWRXWRQHGD\«
%XWRQO\WZROLWWOHGXFNVFDPHEDFN
7ZROLWWOHGXFNVZHQWRXWRQHGD\«
%XWRQO\RQHOLWWOHGXFNFDPHEDFN
2QHOLWWOHGXFNZHQWRXWRQHGD\«
%XWQRQHRIWKHÀYHOLWWOHGXFNVFDPHEDFN
K^Z]r_hkL\ahhe
7ZROLWWOHKRXVHVFORVHGXSWLJKW
)LVWVFORVHGWKXPEVLQ
2SHQXSWKHZLQGRZVDQGOHWLQWKHOLJKW
)LQJHUVRSHQ
7HQOLWWOHÀQJHUSHRSOHWDOODQGVWUDLJKW
3DOPVWRWKHIURQWÀQJHUVKHOGXS
5HDG\IRUVFKRRODWKDOISDVWHLJKW
6DGPRWKHUGXFNZHQWRXWRQHGD\«
$QGDOORIWKHÀYHOLWWOHGXFNVFDPHEDFN
-&0
D)
0RYHKDQGVDQGDUPVIRUZDUG
M^gK^]:iie^l
7HQUHGDSSOHVJURZRQDWUHH
+ROGXSÀQJHUVRQERWKKDQGV
)LYHIRU\RXDQGÀYHIRUPH
:LJJOHÀQJHUVRQRQHKDQGDQGWKHQWKHRWKHU
/HWXVVKDNHWKHWUHHMXVWVR
6KDNHERWKKDQGV
$QGWHQUHGDSSOHVZLOOIDOOEHORZ
0DNHIDOOLQJPRWLRQVZLWKÀQJHUV
&RXQWHDFKÀQJHU
LaZi^l
2QHVWUDLJKWÀQJHUPDNHVDOLQH
+ROGXSRQHLQGH[ÀQJHU
7ZRVWUDLJKWOLQHVPDNHD´WµVLJQ
&URVVLQGH[ÀQJHUV
7KUHHOLQHVPDNHDWULDQJOHWKHUH
)RUPWULDQJOHZLWKLQGH[ÀQJHUVWRXFKLQJDQG
WKXPEVWRXFKLQJ
$QGRQHPRUHOLQHZLOOPDNHDVTXDUH
)RUPVTXDUHZLWKLQGH[ÀQJHUVDQGWKXPEV
?blaLmhkr
2QHWZRWKUHHIRXUÀYH³
2QFH,FDXJKWDÀVKDOLYH
6L[VHYHQHLJKWQLQHWHQ³
7KHQ,OHWLWJRDJDLQ
:K\GLG,OHWLWJR"
%HFDXVHLWELWP\ÀQJHUVR
:KLFKÀQJHUGLGLWELWH"
7KHOLWWOHÀQJHURQWKHULJKW
>e^iaZgmlP^gmHnmmhIeZr
2QHHOHSKDQWZHQWRXWWRSOD\
2QDVSLGHU·VZHERQHGD\
+HKDGVXFKHQRUPRXVIXQ
7KDWKHFDOOHGIRUDQRWKHUHOHSKDQWWRFRPH
&RQWLQXHWRDQ\QXPEHURIHOHSKDQWVLQWKLV
FDVHÀYH
)LYHHOHSKDQWVZHQWRXWWRSOD\
2QDVSLGHU·VZHERQHGD\
7KH\KDGVXFKHQRUPRXVIXQ
%XWWKHUHZHUHQRPRUHHOHSKDQWVOHIWWRFRPH
Hg^mhM^g
Hg^%Hg^Ma^ShhblEhmlh_?ng
1XPEHURQHWRXFK\RXUWRQJXH
1XPEHUWZRWRXFK\RXUVKRH
1XPEHUWKUHHWRXFK\RXUNQHH
1XPEHUIRXUWRXFKWKHÁRRU
1XPEHUÀYHOHDUQWRMLYH
1LPEHUVL[SLFNXSVWLFNV
1XPEHUVHYHQORRNWRWKHKHDYHQV
1XPEHUHLJKWVKXWWKHJDWH
1XPEHUQLQHWRXFK\RXUVSLQH
1XPEHUWHQGRLWDOODJDLQ
2QHRQHWKH]RRLVORWVRIIXQ
7ZRWZRVHHDNDQJDURR
7KUHHWKUHHVHHDFKLPSDQ]HH
)RXUIRXUKHDUWKHOLRQVURDU
)LYHÀYHZDWFKWKHVHDOGLYH
6L[VL[WKHUH·VDGRQNH\GRLQJWULFNV
6HYHQVHYHQHOHSKDQWVORRNWRKHDYHQ
(LJKWHLJKWDWLJHUDQGKLVPDWH
1LQHQLQHSHQJXLQVLQDOLQH
7HQWHQ,ZDQWWRFRPHDJDLQ
-&1
DH
?bo^@kZrLjnbkk^el
MablHe]FZg
)LYHJUD\VTXLUUHOVVDWXSLQDWUHH
+ROGXSÀYHÀQJHUV
7KLVJUD\VTXLUUHOVDLG´:KDWGR,VHH"µ
3RLQWWRWKXPE
7KLVJUD\VTXLUUHOVDLG´/HW·VKDYHVRPHIXQµ
3RLQWWRLQGH[ÀQJHU
7KLVJUD\VTXLUUHOVDLG´2KOHW·VUXQµ
3RLQWWRPLGGOHÀQJHU
7KLVJUD\VTXLUUHOVDLG´/HW·VKLGHLQWKH
VKDGHµ
3RLQWWRULQJÀQJHU
7KLVJUD\VTXLUUHOVDLG´,·PQRWDIUDLGµ
3RLQWWROLWWOHÀQJHU
7KHQRXWFDPHWKHVXQ
6SUHDGDUPVWRIRUPFLUFOHDERYHKHDG
$QGDZD\WKHVTXLUUHOVUDQHYHU\RQH
0DNHUXQQLQJPRWLRQVZLWKÀQJHUV
7KLVROGPDQKHSOD\HGRQH
+HSOD\HGNQLFNNQDFNRQP\WKXPE
?bo^Ebmme^;khpg;bk]l
M^]]r;^Zk%M^]]r;^Zk
2QHOLWWOHEURZQELUGXSDQGXSVKHÁHZ
5DLVHRQHÀQJHU
$ORQJFDPHDQRWKHUDQGWKDWPDGHWZR
5DLVHDVHFRQGÀQJHU
7ZROLWWOHEURZQELUGVVLWWLQJLQDWUHH
+ROGXSWZRÀQJHUV
$ORQJFDPHDQRWKHUDQGWKDWPDGHWKUHH
5DLVHDWKLUGÀQJHU
7KUHHOLWWOHELUGVKHUHFRPHVRQHPRUH
+ROGXSWKUHHDQGUDLVHDIRXUWKÀQJHU
:KDW·VDOOWKHQRLVHDERXW"7KDWPDGHIRXU
6KRZIRXUÀQJHUV
)RXUOLWWOHEURZQELUGVDQGRQHPDNHVÀYH
5DLVHDÀIWKÀQJHU
6LQJLQJLQWKHVXQJODGWREHDOLYH
:LJJOHÀYHÀQJHUV
7HGG\EHDU7HGG\EHDUWXUQDURXQG
7XUQLQDFLUFOH
7HGG\EHDU7HGG\EHDUWRXFKWKHJURXQG
%HQGRYHUDQGWRXFKWKHJURXQG
7HGG\EHDU7HGG\EHDUVKRZRQHVKRH
/LIWRQHVKRHRIIWKHJURXQG
7HGG\EHDU7HGG\EHDU\RX·GEHWWHUVNLGRR
:DONDURXQGTXLFNO\
&KRUXV
:LWKDNQLFNNQDFNSDGG\ZKDFN
*LYHDGRJDERQH
7KLVROGPDQFRPHVUROOLQJKRPH
2WKHUYHUVHV
WZR³RQP\VKRH
WKUHH³RQP\NQHH
IRXU³RQP\GRRU
ÀYH³LQP\KLYH
VL[³ZLWKKLVVWLFNV
VHYHQ³XSWRKHDYHQ
HLJKW³RQP\JDWH
QLQH³RQKLVVSLQH
WHQ³DOODJDLQ
2WKHUYHUVHV
«VKRZWZRHDUV
«VKRZWKUHHEXWWRQV
«VKRZIRXUHOERZVDQGNQHHV
«VKRZÀYHÀQJHUV
-&2
D)
?bo^Ebmme^Li^\de^]?kh`l
I^m^kMZil
)LYHOLWWOHVSHFNOHGIURJV
6KRZÀYHÀQJHUV
6LWWLQJRQDVSHFNOHGORJ
3ODFHÀYHÀQJHUVRQWKHRWKHUDUP
(DWLQJDPRVWGHOLFLRXVEXJ<XP<XP
+ROGÀQJHUVWRJHWKHUDQGPDNHDQHDWLQJ
PRWLRQ
2QHMXPSHGLQWRWKHSRRO
+ROGXSRQHÀQJHUDQGKDYHLWGLYHLQWRWKH
RSHQSDOPRIRWKHUKDQG
:KHUHLWZDVQLFHDQGFRRO
)DQIDFHZLWKKDQG
1RZWKHUHDUHIRXUOLWWOHVSHFNOHGIURJV*OXJ
*OXJ
6KRZIRXUÀQJHUV
)RXUOLWWOHVSHFNOHGIURJV«
5HSHDWHDFKWLPHUHGXFLQJWKHQXPEHURI
IURJV
«1RZWKHUHDUHQROLWWOHVSHFNOHGIURJV*OXJ
*OXJ
6KRZQRÀQJHUVFORVHGÀVW
3HWHUWDSVZLWKRQHKDPPHU
2QHKDPPHURQHKDPPHU
7DSOLJKWO\ZLWKRQHÀQJHU
3HWHUWDSVZLWKRQHKDPPHU
7KLVÀQHGD\
M^gEbmme^<Zg]e^l
7HQOLWWOHFDQGOHVRQDFKRFRODWHFDNH
+ROGXSWHQÀQJHUV
:K:K1RZWKHUHDUHHLJKW
%ORZWZLFHDQGKROGXSHLJKWÀQJHUV
(LJKWOLWWOHFDQGOHVRQFDQGOHVWLFNV
+ROGXSHLJKWÀQJHUV
:K:K1RZWKHUHDUHVL[
%ORZWZLFHDQGKROGXSIRXUÀQJHUV
6L[OLWWOHFDQGOHVDQGQRWRQHPRUH
+ROGXSVL[ÀQJHUV
:K:K1RZWKHUHDUHIRXU
%ORZWZLFHDQGKROGXSIRXUÀQJHUV
)RXUOLWWOHFDQGOHV³UHGZKLWHDQGEOXH
+ROGXSIRXUÀQJHUV
:K:K1RZWKHUHDUHWZR
%ORZWZLFHDQGKROGXSWZRÀQJHUV
7ZROLWWOHFDQGOHVVWDQGLQJLQWKHVXQ
+ROGXSWZRÀQJHUV
:K:K1RZWKHUHDUHQRQH
%ORZWZLFHDQGWXUQSDOPVIDFHXS
-&*)
3HWHUWDSVZLWKWZRKDPPHUV«
3HWHUWDSVZLWKÀYHKDPPHUV«
3HWHUJRHVWRVOHHSQRZ
6OHHSQRZVOHHSQRZ
3ODFHSDOPVRIKDQGVWRJHWKHUDQGUHVWKHDGRQ
KDQGV
3HWHUJRHVWRVOHHSQRZ
7KLVÀQHGD\
M^gEbmme^Dbmm^gl
2QHOLWWOHWZROLWWOHWKUHHOLWWOHNLWWHQV
)RXUOLWWOHÀYHOLWWOHVL[OLWWOHNLWWHQV
6HYHQOLWWOHHLJKWOLWWOHQLQHOLWWOHNLWWHQV
7HQOLWWOHNLWWHQVP\P\
7HQOLWWOHQLQHOLWWOHHLJKWOLWWOHNLWWHQV
6HYHQOLWWOHVL[OLWWOHÀYHOLWWOHNLWWHQV
)RXUOLWWOHWKUHHOLWWOHWZROLWWOHNLWWHQV
2QHOLWWOHNLWWHQE\HE\H
M^g@k^^g?kh`l
7HQJUHHQIURJVVZLPPLQJLQWKHSRQG
2QHJRWRXWDQGWKHQWKHUHZHUHQLQH
1LQHJUHHQIURJVVZLPPLQJLQWKHSRQG
2QHJRWRXWDQGWKHQWKHUHZHUHHLJKW
(LJKWJUHHQIURJVVZLPPLQJLQWKHSRQG
2QHJRWRXWDQGWKHQWKHUHZHUHVHYHQ
DQGVRRQ
D*
D*?K>>>QIEHK:MBHG
<Zilne^E^llhgLnffZkr
8VHDÀQJHUSOD\WRIROORZWKHFRXQWLQJVHTXHQFHWRDVVRFLDWHQXPEHUVZLWKREMHFWVDQG
WRUHLQIRUFHFRXQWLQJWKURXJKUHSHWLWLRQDQGVRQJ([SORUHYDULRXVPDQLSXODWLYHPDWHULDOV
ZKLFKZLOOEHFRPHOHDUQLQJWRROV
FZm^kbZel
M^Z\a^k
‡ &KRLFHRIÀQJHUSOD\
‡ 1XPHUDOFDUGV
‡ &KRLFHRIPDQLSXODWLYHV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg37KHÀQJHUSOD\VPD\EHSULQWHGRQVHQWHQFHVWULSVRUFKDUWSDSHUIRUHDV\
UHIHUHQFHDQGXVHGWKURXJKRXWWKH\HDU
Ghm^37KLVOHVVRQFDQEHUHSHDWHGVHYHUDOWLPHVGXULQJWKHÀUVWGD\VRIVFKRROWRDOORZDGHTXDWH
H[SORUDWLRQDQGIDPLOLDUL]DWLRQZLWKPDWHULDOVWKDWZLOOEHXWLOL]HGWKURXJKRXWWKH\HDU9DU\WKH
ÀQJHUSOD\VDQGWKHPDQLSXODWLYHVXVHGHDFKWLPH7KHVFKHGXOHVXJJHVWVWKLVOHVVRQVL[WLPHV
KRZHYHUDGGLWLRQDOH[SORUDWLRQGD\VPD\EHUHTXLUHGEDVHGRQWKHH[SHULHQFHOHYHORI\RXUVWXGHQWV
0DWHULDOVPD\EHXVHGUHSHDWHGO\LQPDWKFHQWHUVWKURXJKRXWWKH\HDUDQGVKRXOGUHPDLQDYDLODEOHLQ
WKHFODVVURRP
$OWKRXJKRSSRUWXQLWLHVWRH[SORUHDOOW\SHVRIPDWHULDOVVKRXOGEHSURYLGHGIRUDOOVWXGHQWVVRPH
PD\FKRRVHWRZRUNZLWKRQHRUWZRPDWHULDOVDWOHQJWK2WKHUVPD\VSHQGVKRUWDPRXQWVRIWLPH
ZLWKPDQ\W\SHVRIPDWHULDOV7KHVHYDULDWLRQVDUHDOORZDEOHDQGDFFHSWDEOH6WXGHQWVZLOOSUREDEO\
VWDFNWKHPDWHULDOVEXLOGZLWKWKHPPDNH´WUDLQVµFUHDWHSDWWHUQVDQGVRRQ7KLVIUHHH[SORUDWLRQ
LVQHFHVVDU\WRUHGXFHWKHVWXGHQWV
WHQGHQF\WRSOD\ZLWKWKHPGXULQJGLUHFWHGDFWLYLWLHV$OORZ
²PLQXWHVRIWLPHIRUWKHIUHHH[SORUDWLRQ
>q^k\bl^*
&KRRVHRQHRIWKHÀQJHUSOD\VVXFKDV)LYH/LWWOH.LQGHUJDUWQHUVRU5HDG\IRU6FKRROWRGRZLWK
WKHFODVV)LQJHUSOD\VSURYLGHVWXGHQWVZLWKDQDFWLYHZD\RIXVLQJWKHFRXQWLQJVHTXHQFHDQG
DVVRFLDWLQJQXPEHUVZLWKREMHFWVWKURXJKUHSHWLWLRQDQGVRQJ7KH\DUHHDV\WRWHDFKDQGHQMR\DEOH
IRUVWXGHQWV6RPHWLPHV\RXPD\OLNHWRXVHFRQFUHWHREMHFWVUDWKHUWKDQÀQJHUVDQGWRUHLQIRUFH
QXPHUDOUHFRJQLWLRQE\XVLQJQXPHUDOFDUGV
>q^k\bl^+
3ODFHWZRRUWKUHHGLIIHUHQWVHWVRIPDQLSXODWLYHVLQFHQWHUVWREHH[SORUHGE\VWXGHQWV)RUH[DPSOH
\RXPLJKWFKRRVH&URGVSDWWHUQEORFNV.$EORFNV8QLÀ[ŠFXEHVFRXQWHUVRURWKHUEORFNVRU
FXEHV6HOHFWRQHVHWRIPDQLSXODWLYHVWRGLVSOD\DQGH[SODLQ)RUH[DPSOHVXSSRVH\RXVKRZWKH
FODVV&URGV
7
:KDWGR\RXWKLQNWKHVHDUH"
6
7KH\ORRNOLNHEORFNV
6
&RORUHGURGV
-&**
D*
7
:KDWGR\RXQRWLFHDERXWWKHVHFRORUHGURGV"
+DVDQ\RQHHYHUVHHQRUXVHGWKHVHEHIRUH"
$OORZWLPHIRUVWXGHQWGLVFXVVLRQDQGOHWWKHLUFRPPHQWVLQÁXHQFH\RXUTXHVWLRQVRUH[SODQDWLRQV
7
:HDUHJRLQJWRXVHWKHVHFRORUHGURGVLQRXUFODVVURRPWKLV\HDU,KDYHSXWVRPHFRORUHG
URGV&URGVLQRQHRIRXUFHQWHUV,QDIHZPLQXWHV\RXZLOOKDYHDFKDQFHWRJRWR
DFHQWHURI\RXUFKRLFH<RXZLOOKDYHWLPHWRSOD\ZLWKWKHVHPDWHULDOVDQGPDNHVRPH
LQWHUHVWLQJWKLQJV:KLOHDWRXUFHQWHUVWKHUHDUHDIHZUXOHVWKDWHYHU\RQHPXVWIROORZ
(DFKGD\\RXXVHWKLVH[HUFLVHFKHFNWRVHHWKDWVWXGHQWVUHFDOOWKHUXOHV5HSHDWWKHPWRWKHFODVVRU
LQGLYLGXDOVZKHQHYHUDSSURSULDWH
8VH\RXUKDQGVDQGH\HVWRSOD\ZLWKWKHPDWHULDOV
0DWHULDOVDUHWRVWD\RQWKHWDEOHRUÁRRUDQGPD\QRWEHWKURZQ
2QO\WDNHDSDUWWKHWKLQJV\RXEXLOG
,IVRPHRQHHOVHKDVDQREMHFWRUPDWHULDO\RXZRXOGOLNHWRXVHDVNIRULW%XWLIWKH\ VD\QR\RXPXVWZDLW
,IWKHUHDUHVL[‚VWXGHQWVDWDFHQWHUJRWRDGLIIHUHQWFHQWHU
/HDYHPDWHULDOVDWDFHQWHUZKHQ\RXJRWRDQHZFHQWHU
$IWHUUHYLHZLQJWKHUXOHVVHQGVPDOOJURXSVRIVWXGHQWVWRH[SORUHDWHDFKRIWKHFHQWHUVIRUDSHULRG
RIWLPH5RWDWHJURXSVRUVWXGHQWVZLWKLQJURXSVDVVHHPVPRVWDSSURSULDWH
:KLOHWKHVWXGHQWVDUHDWWKHFHQWHUVH[SORULQJWKHPDWHULDOVREVHUYHWKHLULQWHUDFWLRQZLWKWKH
PDWHULDOVDQGZLWKRWKHUVWXGHQWV<RXPD\OLNHWRUHFRUGWKHVHREVHUYDWLRQVRQWKHIUHHH[SORUDWLRQ
FKHFNOLVW%ODFNOLQH.E2EVHUYHGEHKDYLRUVPD\LQFOXGH
0DNLQJSDWWHUQV
3DLULQJREMHFWV
6RUWLQJREMHFWVE\DWWULEXWHV
%XLOGLQJDWDOOWRZHU
0DNLQJDORQJ´VQDNHµRU´WUDLQµ
%XLOGLQJDV\PPHWULFGHVLJQ
&RRSHUDWLYHSOD\
6ROLWDU\SOD\
3DUDOOHOSOD\
>q^k\bl^,!himbhgZe"
$IWHUDSHULRGRIIUHHH[SORUDWLRQOHWVWXGHQWVVKDUHZKDWWKH\KDYHEHHQGRLQJZLWKWKHPDWHULDOV
7KLVPD\EHPRUHDSSURSULDWHWKHWKLUGRUIRXUWKWLPH\RXXVHWKLVOHVVRQ<RXPD\OLNHWRUHFRUG
VRPHUHVSRQVHVRQWKHFKDONERDUGRUFKDUWSDSHU$OORZWLPHIRUDYDULHW\RIUHVSRQVHV
7
7HOOPHZKDW\RXGLGZLWKWKHPDWHULDOVWRGD\
'LGDQ\RQHGRVRPHWKLQJGLIIHUHQW"
'LGDQ\RQHPDNHVRPHWKLQJ"
+RZGLG\RXGHFLGHZKDWWRGR"
'LGDQ\RQHKHOS\RX"
:KDWHOVHFRXOG\RXKDYHGRQH"
:KDWZRXOG\RXOLNHWRGRQH[WWLPH\RXXVHWKHVHPDWHULDOV"
0DNHFRSLHVRIRQHRUWZRRIWKHÀQJHUSOD\VRUFRXQWLQJVRQJVIRUVWXGHQWVWRWDNHKRPHDQGWHDFK
WRDIDPLO\PHPEHU$VDPSOHOHWWHULVSURYLGHGRQ%ODFNOLQH.
‚
7KLVQXPEHULVDUULYHGDWE\WDNLQJWKHFODVVVL]HDQGGLYLGLQJE\WKHQXPEHURIFHQWHUV
-&*+
D+
D+<HFI:K:MBO>LBS>L
<Zilne^E^llhgLnffZkr
8VHDIDPLOLDUVWRU\WRFRPSDUHVL]HVDQGRUGHU
FZm^kbZel
:]oZg\^Ik^iZkZmbhg30DNHÁDQQHOFXWRXWVRI
M^Z\a^k
‡ )ODQQHOERDUGDQGÁDQQHOFXWRXWVWRJRZLWK7KH*LQJHUEUHDG0DQ
Lmn]^gm
‡ 1RQH
ÀYHGLIIHUHQWVL]HGJLQJHUEUHDGPHQ
Ghm^37KHUHDUHPDQ\JRRGERRNVLQWKHOLWHUDWXUHOLVWWKDWOHQGWKHPVHOYHVZHOOWRDGLVFXVVLRQRI
FRPSDUDWLYHVL]HVVXFKDV7KH7KUHH%LOO\*RDWV*UXII*ROGLORFNVDQGWKH7KUHH%HDUVRU'HHSLQWKH
)RUHVW7KLVOHVVRQXVHVWKHSRSXODUFKLOGUHQ·VWDOH7KH*LQJHUEUHDG0DQDVDQH[DPSOH,I\RXFKRRVHD
GLIIHUHQWVWRU\DGMXVWWKHGLDORJXHWRÀW
5HDGWKHIROORZLQJYHUVLRQRIWKHIRONWDOH7KH*LQJHUEUHDG0DQWRWKHFODVVRUXVHDQRWKHUVWRU\
WKDWGHDOVZLWKFRPSDUDWLYHVL]H
7
2QFHXSRQDWLPHWKHUHZDVDOLWWOHROGZRPDQDQGDOLWWOHROGPDQZKROLYHGLQDKRXVH
E\WKHHGJHRIWKHZRRGV2QHGD\WKHOLWWOHROGPDQVDLGWRWKHOLWWOHROGZRPDQ´,ZLOOEH
ZRUNLQJLQWKHJDUGHQWRGD\DQGZLOOFRPHLQDWOXQFKWLPHµ:KLOHWKHOLWWOHROGPDQZDV
ZRUNLQJLQWKHJDUGHQWKHOLWWOHROGZRPDQGHFLGHGWRPDNHKLPDVSHFLDOFRRNLH
$OORZDOLWWOHWLPHIRUGLVFXVVLRQ<RXPD\OLNHWRDVNVWXGHQWVLIDQ\RQHKDVHYHUPDGHDVSHFLDO
FRRNLHIRUWKHP
7
7KHOLWWOHROGZRPDQWKRXJKWWRKHUVHOI´,ZLOOEDNHKLPD\XPP\JLQJHUEUHDGPDQµ
6KHPDGHWKHGRXJKZLWKH[WUDJLQJHUDQGUROOHGWKHGRXJKZLWKH[WUDÁRXUDQGFXWWKH
GRXJKZLWKH[WUDFDUHDQGVHWWKHJLQJHUEUHDGPDQLQDSDQ
´7KLVLVWKHQLFHVWFRRNLH,KDYHHYHUPDGHµWKRXJKWWKHOLWWOHROGZRPDQ´,KRSHLWFRRNV
WKURXJKDQGWKURXJKµ
$WWKLVSRLQWVKRZVWXGHQWVWKHÀYHFXWRXWVRIJLQJHUEUHDGPHQ$VNDVWXGHQWWRVHOHFWWKHVPDOOHVW
RQHDQGSODFHLWRQWKHÁDQQHOERDUG
7
7KHOLWWOHROGZRPDQSRSSHGWKHFRRNLHLQWRWKHRYHQDQGFRRNHGLWIRUÀYHPLQXWHV
7KHQVKHSHHNHGFDUHIXOO\LQWRWKHRYHQ´,WLVFRRNLQJQLFHO\µVDLGWKHOLWWOHROGZRPDQ
DOWKRXJKVKHQRWLFHGLWZDVJHWWLQJELJJHUDVLWFRRNHG
$VNDVWXGHQWWRVHOHFWDJLQJHUEUHDGPDQFXWRXWMXVWDOLWWOHELJJHUWKDQWKHRQHRQWKHÁDQQHOERDUG
WKDWLVWKHVPDOOHVWRQHQRW\HWRQWKHERDUG,QVWUXFWWKHVWXGHQWWRSODFHLWRQWKHÁDQQHOERDUGQH[W
WRWKHRQHDOUHDG\WKHUH
-&*,
D+
5HSHDWWKHVFHQDULRWHOOLQJWKHFODVVWKDWWKHOLWWOHROGZRPDQSHHNHGLQWRWKHRYHQHYHU\ÀYH
PLQXWHVDQGQRWLFHGWKHFRRNLHZDVJHWWLQJELJJHU(DFKWLPHOHWDVWXGHQWVHOHFWWKHVPDOOHVW
JLQJHUEUHDGPDQFXWRXWQRW\HWRQWKHERDUGDQGSODFHLWRQWKHÁDQQHOERDUG:KHQMXVWRQH
FXWRXWUHPDLQVWKHELJJHVWRQHVD\
7
7KHJLQJHUEUHDGPDQFRRNHGLQWKHRYHQIRUDIHZPRUHPLQXWHV7KHROGZRPDQSHHNHG
FDUHIXOO\LQWRWKHRYHQDQGVDLG´,WLVYHU\ELJQRZ,EHWLWLVGRQHµ
&DOORQDVWXGHQWWRSODFHWKHELJJHVWJLQJHUEUHDGPDQFXWRXWRQWKHÁDQQHOERDUG
'LUHFWVWXGHQWVWRLGHQWLI\ELJJHVWVPDOOHVWDQGWKHRUGHURIWKHJLQJHUEUHDGPDQFXWRXWVRQWKH
ERDUG
7
6KRZXVWKHVPDOOHVWJLQJHUEUHDGPDQ
6KRZXVWKHELJJHVWJLQJHUEUHDGPDQ
:KDWKDSSHQHGWRWKHJLQJHUEUHDGPDQFRRNLHZKLOHLWZDVEDNLQJ"
<RXFDQVWRSWKLVOHVVRQQRZLI\RXOLNH2UFRQWLQXHWKHVWRU\WRREVHUYHSDWWHUQDQGUHSHWLWLRQ
(DFKWLPH\RXLQWURGXFHVRPHRQHRUVRPHWKLQJWKDWFKDVHGDIWHUWKHJLQJHUEUHDGPDQOHWWKHFODVV
VD\ZKDWWKHJLQJHUEUHDGPDQVDLG
7
-XVWDVWKHOLWWOHROGZRPDQZDVDERXWWRUHPRYHWKHSDQIURPWKHRYHQWKHJLQJHUEUHDG
PDQMXPSHGIURPWKHSDQDQGUDQDQGUDQ
7KHJLQJHUEUHDGPDQVDLG´5XQUXQDVIDVWDV\RXFDQ\RXFDQ·WFDWFKPH,·PWKH
JLQJHUEUHDGPDQµ7KHOLWWOHROGZRPDQFKDVHGKLPEXWKHZDVWRRIDVW
7KHOLWWOHROGPDQFKDVHGKLPEXWKHZDVWRRIDVW
:KDWGLGWKHJLQJHUEUHDGPDQVD\"
6
5XQUXQDVIDVWDV\RXFDQ\RXFDQ·WFDWFKPH,·PWKHJLQJHUEUHDGPDQ
7
$EHDUFKDVHGKLPEXWKHZDVWRRIDVW:KDWGLGWKHJLQJHUEUHDGPDQVD\"
6
5XQUXQDVIDVWDV\RXFDQ\RXFDQ·WFDWFKPH,·PWKHJLQJHUEUHDGPDQ
7
$FRZFKDVHGKLPEXWKHZDVWRRIDVW:KDWGLGWKHJLQJHUEUHDGPDQVD\"
6
5XQUXQDVIDVWDV\RXFDQ\RXFDQ·WFDWFKPH,·PWKHJLQJHUEUHDGPDQ
7
$FDWFKDVHGKLPEXWKHZDVWRRIDVW:KDWGLGWKHJLQJHUEUHDGPDQVD\"
6
5XQUXQDVIDVWDV\RXFDQ\RXFDQ·WFDWFKPH,·PWKHJLQJHUEUHDGPDQ
7
3HUKDSVWKHJLQJHUEUHDGPDQLVVWLOOUXQQLQJWRWKLVGD\
,QJURXSVRIÀYHKHOSVWXGHQWVOLQHXSLQRUGHUIURPELJJHVWWRVPDOOHVWDQGGHWHUPLQHZKLFK
JLQJHUEUHDGPDQWKH\DUHOLNH
<RXPD\OLNHWROHWVWXGHQWVGUDZJLQJHUEUHDGPHQRQSLHFHVRISDSHUDQGFRORUWKHP
-&*-
D,
D,P:EDHKKB=>@K:IA
<Zilne^E^llhgLnffZkr
0DNHDJUDSKIURPVWXGHQWV·DQVZHUVWRWKHTXHVWLRQ´'R\RXZDONRUULGHWRVFKRRO"µ
FZm^kbZel
M^Z\a^k
‡ :KHHOVRQWKH%XVE\0DU\DQQ
.RYDOVNLRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
‡ 3LFWXUHVRIFDUEXVELNHDQG
ZDONLQJVKRHV
Lmn]^gm
‡ 2QHVKHHWRISDSHU
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQHV.DDQGEWRFUHDWHWKHFDUEXVELNHSLFWXUHDQGWKHZDONLQJ
VKRHSLFWXUH
>q^k\bl^*
5HDGWKHERRN:KHHOVRQWKH%XVE\0DU\DQQ.RYDOVNLRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
7
7RGD\,QRWLFHGWKDWVRPHRI\RXZDONHGWRVFKRRODQGVRPHRI\RXURGHWRVFKRRO,
ZRQGHULIWKHUHLVDZD\ZHFDQÀJXUHRXWLIPRUHFKLOGUHQZDONHGRUURGHWRVFKRRO'RHV
DQ\RQHKDYHDQLGHDKRZZHFRXOGÀQGRXW"
6
/LQHXS
6
+ROGXSKDQGV
:ULWHWKHIROORZLQJTXHVWLRQRQWKHERDUG
$OYOUWALKORRIDETOSCHOOL
3ODFHWKHFDUEXVELNHSLFWXUHRQWKHÁRRULQDQRSHQVSDFHLQ
WKHURRP1H[WWRLWSODFHWKHZDONLQJVKRHVSLFWXUHOHDYLQJ
VRPHVSDFHEHWZHHQWKHP
7
+HUH·VRQHZD\WRDQVZHURXUTXHVWLRQ,KDYHSODFHGWZRSLFWXUHVRQWKHÁRRU2QHKDVD
FDUDEXVDQGDELNHRQLW:KDWGRHVWKLVSLFWXUHVKRZ"
6
:D\VWRULGHWRVFKRRO
7
1H[WWRWKHZD\VWRULGHWRVFKRRO,KDYHSODFHGDSLFWXUHZLWKDSDLURIVKRHVRQLW:KDW
GR\RXWKLQNWKLVSLFWXUHVKRZV"
6
:DONLQJWRVFKRRO
'LVWULEXWHSLHFHVRISDSHURQHWRHDFKVWXGHQW
7
,I\RXURGHWRVFKRROWRGD\WDNH\RXUSLHFHRISDSHUDQGVHWLWLQDVWUDLJKWOLQHRQWKHÁRRU
XQGHUWKHSLFWXUHRIWKHFDUEXVELNH7KHQVWDQGRQWKHSDSHU
-&*.
D,
$OORZWLPHIRUVWXGHQWVWRSODFHWKHLUSDSHUVDQGVWDQGLQ
WKHOLQH
7
,I\RXZDONHGWRVFKRROWRGD\WDNH\RXUSLHFH
RISDSHUDQGVHWLWLQDVWUDLJKWOLQHRQWKHÁRRU
XQGHUWKHSLFWXUHRIWKHZDONLQJVKRHV7KHQ
VWDQGRQWKHSDSHU
2QFHHYHU\RQHLVVWDQGLQJXSFRPSDUHWKHQXPEHURIVWXGHQWV
LQHDFKJURXSE\KDYLQJWKHVWXGHQWVWXUQDQGIDFHWKHSHUVRQ
LQWKHFROXPQRSSRVLWHWKHPDQGZDYH,IWKHUHDUHVWXGHQWV
ZDYLQJZLWKRXWDQ\RQHZDYLQJEDFNDWWKHPRQHJURXSKDV
PRUHWKDQWKHRWKHU
7
$UHWKHUHPRUHVWXGHQWVZKRZDONHGRUURGH"
+RZPDQ\PRUH"
,WPD\EHGLIÀFXOWIRUVWXGHQWVWRDQVZHUWKHODVWTXHVWLRQEHFDXVHWKH\DUHVWDQGLQJLQDOLQH
6XJJHVWWKDWWKHVWXGHQWVVWHSRIIWKHLUSDSHUVVRWKH\FDQVHHDQGFRPSDUHWKHWZRJURXSV
7
&RXQWDORXGDVZHFRXQWWKHSLHFHVRISDSHU
XQGHUWKHSLFWXUHIRUULGLQJWRVFKRRO
6
2QHWZRWKUHH«
:ULWHWKHQXPEHURIVWXGHQWVZKRURGHWRVFKRRORQWKH
ERDUG<RXPD\ZLVKWRDVNDVWXGHQWWRSRLQWWRWKHQXPEHULQ
DFODVVURRPGLVSOD\RIQXPEHUV
7
1RZFRXQWDORXGDVZHFRXQWWKHSLHFHVRISDSHU
XQGHUWKHSLFWXUHIRUZDONLQJWRVFKRRO
6
2QHWZRWKUHHIRXU«
:ULWHWKLVQXPEHURQWKHERDUG$JDLQ\RXPD\ZLVKWRDVN
DVWXGHQWWRSRLQWWRWKDWQXPEHULQWKHFODVVURRPGLVSOD\RIQXPEHUV
$V\RXGLVFXVVZKLFKJURXSKDVPRUHZKLFKJURXSKDVOHVVDQGKRZPDQ\PRUHRUOHVV\RXPD\
ZLVKWRSRLQWWRWKHQXPEHUVRQWKHQXPEHUOLQHRUKDYHVWXGHQWVSRLQWWRWKHQXPEHURQWKHLUGHVN
QXPEHUOLQHVFRXQWLQJRQRUFRXQWLQJEDFNWRKHOSVWXGHQWVVHHKRZPDQ\PRUHRUOHVV<RXPD\
DOVRZDQWWRVXJJHVWVWXGHQWVOLQHXSDJDLQRQWKHSLHFHVRISDSHUDQGOHWWKH´H[WUDµVWXGHQWVLQWKH
DSSURSULDWHURZFRXQWWKHPVHOYHV
-&*/
D-
D-<A:G@>LBGLBS>
<Zilne^E^llhgLnffZkr
'LVFXVVRUGHUDQGJURZWKFRQFHSWVWKURXJKWKHXVHRIDVWRU\OLWHUDWXUH
FZm^kbZel
M^Z\a^k
‡ 7KH(QRUPRXV:DWHUPHORQ
E\%UHQGD3DUNHVRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW
‡ )ODQQHOERDUGDQGÁDQQHOFXWRXWV
RUSLFWXUHVWRJRZLWKWKHVWRU\
Lmn]^gm
‡ 0DWKMRXUQDO
:]oZg\^Ik^iZkZmbhg33UHSDUHÁDQQHOFXWRXWVRUSLFWXUHVWRJRZLWKWKHVWRU\\RXVHOHFW
5HDG7KH(QRUPRXV:DWHUPHORQE\%UHQGD3DUNHVRUWKHVWRU\\RXKDYHVHOHFWHGDORXGWRWKH
FODVV'LVFXVVZLWKVWXGHQWVZKDWKDSSHQVWRVHHGVWKDWDUHSODQWHG<RXPLJKWHYHQOLNHWRSODQW
VHHGVLQDFRQWDLQHUDQGDVNVWXGHQWVZKDWWKH\WKLQNZLOOKDSSHQ
'HSHQGLQJRQWKHERRN\RXUHDGTXHVWLRQVVXFKDVWKHIROORZLQJFDQJXLGHWKHGLVFXVVLRQ
7
+RZGLGWKHSODQWEHJLQ"
6
$VDVPDOOVHHG
7
:KDWGLGLWORRNOLNHQH[W"
6
$WLQ\SODQW
7
$QGWKHQ"
6
$PHGLXPVL]HGSODQW
&RQWLQXHWRGHPRQVWUDWHWKHJURZWKVHTXHQFHZLWKÁDQQHOFXWRXWVRQDÁDQQHOERDUGRUSLFWXUHVRQ
WKHFKDONERDUG(QFRXUDJHVWXGHQWVWRXVHWHUPVVXFKDVÀUVWVHFRQGWKLUGODVWDQGVRRQ
)ROORZLQJFODVVGLVFXVVLRQGLUHFWVWXGHQWVWRGUDZDSLFWXUHRIWKHJURZWKVHTXHQFH(QFRXUDJH
PRUHWKDQWKUHHVWDJHVRIJURZWK<RXPD\OLNHWRLQWURGXFHPDWKMRXUQDOVWRVWXGHQWVDWWKLVWLPH
DQGOHWVWXGHQWVUHFRUGWKHJURZWKVHTXHQFHLQWKHLUPDWKMRXUQDOV
-&*0
-&*1
D.
D.H==L:G=>G=L
<Zilne^E^llhgLnffZkr
5HYLHZÀQJHUSOD\V%UDLQVWRUPZD\VWKDWREMHFWVFDQEHVRUWHGDQGEHJLQWRVRUWWKHP
FZm^kbZel
M^Z\a^k
‡ )LQJHUSOD\RI\RXUFKRLFH
‡ 2GGVDQGHQGVER[
‡ <HVQRFDUGV
‡ 6WULQJORRSV
Lmn]^gm
‡ 2GGVDQGHQGV
:]oZg\^Ik^iZkZmbhg30DNHD<HVFDUGDQGD1RFDUGE\ZULWLQJWKHZRUGV´\HVµDQG´QRµLQODUJH
EROGOHWWHUVRQKHDY\SDSHURUFDUGVWRFN7RPDNHVWULQJORRSVFXWSLHFHVRI\DUQULEERQVWULQJRUD
VLPLODUPDWHULDODSSUR[LPDWHO\LQFKHVORQJDQGWLHWKHPWRIRUPDORRS6DYHWKHORRSVIRUIXWXUH
OHVVRQV:KHQ\RXQHHGH[WUDODUJHVWULQJORRSVMXPSURSHVZRUNZHOO
Ghm^3,IVWXGHQWVKDYHQRWEURXJKWHQRXJKRGGVDQGHQGVWRFODVVDWWKLVWLPHXVHRWKHUPDQLSXODWLYH
PDWHULDOV,WPD\EHQHFHVVDU\WRDOORZVRPHIUHHH[SORUDWLRQWLPH
>q^k\bl^*
/HDGWKHFODVVLQDÀQJHUSOD\HLWKHUDQHZRQHRURQH\RXKDYHXVHGEHIRUH
>q^k\bl^+
'LVSOD\²REMHFWVIURPWKHRGGVDQGHQGVER[3ODFHWKH<(6DQG12FDUGVRQWKHWDEOHRUÁRRU
7
/RRNDWWKLVFROOHFWLRQRIREMHFWV+RZDUHVRPHRIWKHVHREMHFWVDOLNH"
$OORZWLPHIRUVWXGHQWVWRPDNHREVHUYDWLRQVDERXWWKHREMHFWV\RXKDYHVHOHFWHGDQGWRGHWHUPLQH
DQDWWULEXWHIRUH[DPSOHUHG7KHQWHOOWKHFODVVWRVRUWWKHREMHFWVDFFRUGLQJWRWKLVDWWULEXWH
7
,ZRXOGOLNH\RXWRKHOSPHVRUWWKHVHREMHFWV/HW·VVRUWWKHPE\WKHFRORUUHGDQGSXWDOO
WKHUHGREMHFWVWRJHWKHU:KHQ,KROGXSDQREMHFWDVN\RXUVHOIWKHTXHVWLRQLVLWUHG",I
\RXVD\\HV,ZLOOSODFHWKHREMHFWQHDUWKH<(6FDUGLI\RXVD\QR,ZLOOSODFHLWQHDUWKH
12FDUG
+ROGXSREMHFWVDQGSODFHWKHPDFFRUGLQJWRVWXGHQWUHVSRQVHV
7
+RZDUHWKHREMHFWVLQWKLVSLOHDOLNHSRLQWWRWKH<(6FDUG"7KH\DUHUHG
/HW·VSXWDVWULQJDURXQGWKHVHREMHFWVWRVKRZWKDWHYHU\WKLQJLQVLGHWKHVWULQJLVUHG
:KDWFDQZHVD\DERXWWKHREMHFWVRXWVLGHWKHVWULQJ"7KH\DUHQRWUHG
>q^k\bl^,
2UJDQL]HWKHFODVVLQWRVPDOOJURXSVDQGSURYLGHHDFKJURXSZLWKDFROOHFWLRQRIREMHFWVDQRGGV
DQGHQGVER['LUHFWWKHJURXSVWRVRUWWKHLUREMHFWVLQDQ\ZD\WKH\FKRRVH$V\RXLQWHUDFWZLWK
WKHJURXSVKHOSWKHPVHOHFWDZD\DWWULEXWHWRVRUW3ODFHDVWULQJORRSDURXQGWKHREMHFWVLQRQHVHW
WKDWVWXGHQWVKDYHVRUWHG
-&*2
D.
<RXPD\ÀQGLWQHFHVVDU\WRJXLGHVWXGHQWVWRORRNIRUGLIIHUHQWZD\VWRVRUWE\DVNLQJTXHVWLRQV
VXFKDVWKHIROORZLQJ
7
&DQ\RXSXWDOOWKHURXQGREMHFWVWRJHWKHU"
:KLFKREMHFWVDUHWKHVDPHVL]HDVWKLVRQH"
:KDWGRZHGRZLWKDSHQFLO":ULWH&DQ\RXSXWDOOWKHWKLQJVZHXVHWRZULWHZLWK
KHUH"
$UHDQ\RI\RXUREMHFWVPDGHRIZRRG"&DQ\RXSXWWKHPWRJHWKHU"
3XWDODUJHVWULQJORRSRQWKHÁRRURURQDWDEOH'HWHUPLQHDVLPSOHDWWULEXWHIRUVRUWLQJREMHFWV
7HOOWKHVWXGHQWVZKDWWKHDWWULEXWHLVDQGGHPRQVWUDWHE\SODFLQJDIHZREMHFWVLQVLGHRURXWVLGH
WKHVWULQJ7KHQIURPDFROOHFWLRQRIRGGVDQGHQGVDVNDVWXGHQWWRVHOHFWDQREMHFWDQGSODFHLW
'HWHUPLQHLIWKHREMHFWKDVEHHQSODFHGFRUUHFWO\.HHSWKHDWWULEXWHVLPSOH
-&+)
D/
D/=N<DL
<Zilne^E^llhgLnffZkr
8VHDVWRU\RIDPLVVLQJGXFNOLQJWRLQWURGXFHWKHODQJXDJHRIDUURZVDQGWRUHODWH
FRXQWLQJZLWKRUGHUDQGSRVLWLRQ
FZm^kbZel
M^Z\a^k
‡ +DYH<RX6HHQ0\'XFNOLQJ"E\
1DQF\7DIXULRU6L[/LWWOH'XFNV
E\&KULV&RQRYHU
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDGDORXGDVHOHFWLRQIURPWKHOLWHUDWXUHOLVWRQFRPSDUDWLYHVL]HVSUHIHUUDEO\RQHWKDWLQYROYHV
IROORZLQJOHDGLQJVXFKDV+DYH<RX6HHQ0\'XFNOLQJ"E\1DQF\7DIXULRU6L[/LWWOH'XFNVE\
&KULV&RQRYHU/HWVWXGHQWVDFWRXWWKHVWRU\WRIDPLOLDUL]HWKHPVHOYHVZLWKWKHPHDQLQJRISKUDVHV
VXFKDVEHKLQGLQIURQWDQGLQEHWZHHQ7KLVVRUWRIDFWLYHSDUWLFLSDWLRQKHOSVWRFODULI\WHUPV
>q^k\bl^+
'UDZDELJGRWRQWKHERDUG
7
/HW·VWHOODVWRU\DERXWVRPHGXFNV
7KLVGRWLVIRURQHGXFN
'UDZÀYHPRUHGRWVDVVKRZQ
7
:KDWFRXOGWKHVHGRWVEH"
6
0D\EHPRUHGXFNV
7
<HVWKHVHGRWVDUHIRURWKHUGXFNV+HUHLVDPRWKHUGXFNDQGÀYHEDE\GXFNV/HW·VFRXQW
DQGVHHKRZPDQ\GXFNVDUHLQRXUVWRU\
$VNDVWXGHQWWRFRXQWWKHGXFNVGRWVDQGWKHQDVNWKHRWKHUVWXGHQWVWRVKRZWKHQXPEHUZLWK
WKHLUÀQJHUV3RLQWWRRQWKHFODVVQXPEHUOLQHDQGDQGDVNVWXGHQWVWRSRLQWWRRQWKHLUGHVN
QXPEHUOLQHV7KHQZULWHRQWKHERDUG
7
7KHPRWKHUGXFNLVOHDGLQJWKHRWKHUV:KLFKGRWFRXOGEHWKHPRWKHU"
6WXGHQWVZLOOSUREDEO\SRLQWWRWKHELJGRWDOWKRXJKDQ\FKRLFHZRXOGEHRND\DWWKLVWLPH
'UDZDQDUURZDVVKRZQ
7
7KLVGXFNLVVZLPPLQJULJKWEHKLQGWKH
PRWKHU,WLVIROORZLQJWKHPRWKHUGXFN
'UDZIRXUPRUHDUURZVLQWKHSLFWXUHDV\RXH[SODLQWKDWWKHGXFNVDUHVZLPPLQJLQDOLQHDQG
IROORZLQJRQHDQRWKHU
-&+*
D/
7
$UHWKHGXFNVVZLPPLQJLQWKLV
GLUHFWLRQSRLQWWRWKHOHIWRULQWKLV
GLUHFWLRQSRLQWWRWKHULJKW"
,QRXUSLFWXUHWKHPRWKHUGXFNLVVZLPPLQJ
DWWKHIURQW&DQVRPHRQHSRLQWWRKHU"
7KHEDE\GXFNVDUHIROORZLQJ+RZPDQ\EDE\GXFNVDUHWKHUH")LYH
&DOORQDVWXGHQWWRSRLQWWRWKHEDE\GXFNVGRWVDVWKHFODVVFRXQWV7KHQDVNVRPHRQHWRSRLQWWR
WKHÀUVWGXFNOLQJIROORZLQJWKHPRWKHUGXFNWRWKHVHFRQGGXFNOLQJWRWKHWKLUGGXFNOLQJDQGVRRQ
7
1RZFORVH\RXUH\HV
&KDQJH\RXUSLFWXUHDVVKRZQ([FHSWIRUWKH´ORVW
GXFNOLQJµQRQHRIWKHRWKHUGRWVVKRXOGEHPRYHG
7
:KDWKDSSHQHG"
/HWWKHVWXGHQWVUHDFW7KH\ZLOOSUREDEO\QRWLFHWKDWRQHGXFNOLQJJRWRXWRIOLQHRUJRWORVW
$VNVRPHRQHWRSRLQWWRWKHORVWGXFNOLQJ$VNKRZPDQ\GXFNOLQJVDUHVWLOOIROORZLQJRQHDQRWKHU
ZLWKWKHLUPRWKHUOHDGLQJ
7
+RZFDQZHVKRZWKDWWKHGXFNIDPLO\ÀQGVWKHORVWGXFNOLQJ"
<RXUVWXGHQWVZLOOSUREDEO\FRPHXSZLWKVRPHYHU\JRRGLGHDV)RUH[DPSOH
6
(UDVHWKLVSLFWXUHDQGGUDZWKHÀUVWSLFWXUHDJDLQ
7
&DQZHVKRZLWZLWKRXWGUDZLQJWKHZKROHSLFWXUHRYHUDJDLQ"
6WUDFLQJWKHGDVKHGDUURZ<RXFRXOGGUDZ
WKLVDUURZWRVKRZWKDWWKHORVWGXFNOLQJ
IROORZVDOOWKHRWKHUGXFNV
7
&DQDQ\RQHVXJJHVWKRZWKHORVWGXFNOLQJFRXOG
WDNHWKHVDPHSODFHLWKDGEHIRUHDQGQRWEHORVW"
6WUDFLQJWKHGDVKHGDUURZLQWKHSLFWXUH
0D\EHLWFRXOGIROORZWKLVGXFN
7
7KDW·VDJRRGLGHDEXWQRZWZRGXFNOLQJVDUH
IROORZLQJWKHVDPHGXFNOLQJ:KDWLIZHGLGWKLV"
:LWKRXWFKDQJLQJWKHSRVLWLRQRIWKHGRWVUHSRVLWLRQ
RQHDUURZVRWKDWWKHGXFNOLQJVDUHIROORZLQJRQH
EHKLQGWKHRWKHU
$VNVWXGHQWVWRGUDZDSLFWXUHDERXWWKHVWRU\UHDGDWWKHEHJLQQLQJRIWKLVOHVVRQ6WXGHQWVPD\XVH
DFWXDOGXFNSLFWXUHVWRUHSUHVHQWWKHVWRU\RUWKH\PD\XVHGRWVVWULQJVDQGDUURZV
-&++
D0
D0<HNGM:G==H
<Zilne^E^llhgLnffZkr
,GHQWLI\DQGUHSUHVHQWQXPEHUVZLWKDFWLRQV
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJERRNIURPWKHOLWHUDWXUH
OLVW
‡ ²GHPRQVWUDWLRQQXPHUDO
FDUGV
‡ 'HPRQVWUDWLRQGRWFDUGV
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDGDFRXQWLQJERRNRI\RXUFKRLFHDORXGWRWKHFODVV
>q^k\bl^+
7
7RGD\ZHDUHJRLQJWRSOD\DJDPHFDOOHG&RXQWDQG'R,ZLOOVWDUWE\FKRRVLQJD
QXPHUDOFDUG6HOHFWRQHRIWKHQXPHUDOFDUGVIRUH[DPSOH
:KRFDQUHDGWKLVQXPEHU"
6
6L[
7
<HV5DPRQWKLVFDUGKDVDVL[RQLW1RZ,ZRXOGOLNH\RXWRFKRRVHVRPHW\SHRIDFWLRQ
OLNHMXPSLQJRUFODSSLQJIRUWKHHQWLUHFODVVWRGRVL[WLPHV
6
6QDSWKHLUÀQJHUVVL[WLPHV
7KHFODVVVKRXOGSHUIRUPWKHDFWLRQDVUHTXHVWHGFRXQWLQJDORXG2WKHUDFWLRQVVWXGHQWVFDQGR
LQFOXGHKRSSLQJRQRQHIRRWSDWWLQJWKHLUKHDGVWDSSLQJDIRRWSDWWLQJOHJVEOLQNLQJH\HVRSHQLQJ
FORVLQJKDQGVDQGVRRQ
7
5DPRQFDQ\RXÀQGWKHQXPEHURQRXUFODVVURRPQXPEHUOLQH‚RU²QXPHUDO
FKDUW"
,IWKHWDVNVDUHDOOSHUIRUPHGFRUUHFWO\DVNWKHVWXGHQWYROXQWHHU5DPRQLQWKLVH[DPSOHWRFKRRVH
DQXPHUDOFDUGRUGRWFDUGDQGVHOHFWWKHQH[WYROXQWHHUWRLGHQWLI\WKHQXPEHUDQGFKRRVHWKH
DFWLRQWKHFODVVZLOOGR
,IDPLVWDNHLVPDGHGXULQJDQ\SDUWRIWKLVDFWLYLW\JLYHWKHVWXGHQWZKRVSRWVLWWKHQH[WWXUQ,IQR
VWXGHQWQRWLFHVWKHPLVWDNH\RXVKRXOGSRLQWLWRXWDQGGHVLJQDWHWKHQH[WSOD\HU
&RQWLQXHWKLVDFWLYLW\DVORQJDVWKHFODVVUHPDLQVLQWHUHVWHG
‚
,QPDQ\RIWKHOHVVRQVVWXGHQWVDUHDVNHGWRSRLQWWRDQXPEHU+HQFH\RXZLOOQHHGWRKDYHDGLVSOD\RIQXPEHUVLQ\RXUURRP)RU
WKLVSXUSRVH\RXFDQXVHWKH²QXPHUDOFKDUWDQXPEHUOLQHDFDOHQGDURUVRPHRWKHUGLVSOD\RIQXPEHUV6\PEROUHFRJQLWLRQLV
LPSRUWDQWDQGRSSRUWXQLWLHVIRUSUDFWLFHVKRXOGEHSURYLGHGRIWHQ'RQ·WEHDIUDLGWRGLVSOD\QXPHUDOVRWKHUWKDQWKRVHZLWKZKLFKWKH
VWXGHQWVDUHDOUHDG\IDPLOLDU
-&+,
D0
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·QXPEHUUHFRJQLWLRQDQGRQHWRRQHFRUUHVSRQGHQFHVNLOOV
2UJDQL]HVWXGHQWVLQJURXSVRIWKUHH/HWRQHVWXGHQWVHOHFWDQXPEHUIURPWR+DYHDQRWKHU
VWXGHQWWKHQFKRRVHDQDFWLRQVXFKDVFODSSLQJDQGFODSWKDWQXPEHURIWLPHV'LUHFWWKHWKLUG
VWXGHQWWRXVHFRXQWHUVWRVKRZWKHQXPEHU7KHQKDYHWKHVWXGHQWVFKDQJHUROHVDQGUHSHDWWKH
DFWLYLW\VHYHUDOWLPHV
-&+-
D1
D1LHKMBG@PBMALMKBG@L
*
<Zilne^E^llhgLnffZkr
6RUWREMHFWVDQGUHFRUGWKHPLQPDWKMRXUQDOV
FZm^kbZel
M^Z\a^k
‡ 7HQ/LWWOH5DEELWVE\9LUJLQLD
*URVVPDQRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
‡ &KDUWSDSHU
‡ 6WULQJORRSV
Lmn]^gm
‡ 0DQLSXODWLYHV
‡ 0DWKMRXUQDORUSDSHU
:]oZg\^Ik^iZkZmbhg37RPDNHVWULQJORRSVFXWSLHFHVRI\DUQULEERQVWULQJRUDVLPLODUPDWHULDO
DSSUR[LPDWHO\LQFKHVORQJDQGWLHWKHPWRIRUPDORRS6DYHWKHORRSVIRUIXWXUHOHVVRQV
>q^k\bl^*
5HDGDFRXQWLQJERRNVXFKDV7HQ/LWWOH5DEELWVE\9LUJLQLD*URVVPDQ3UDFWLFHFRXQWLQJIURP
WRRUZLWKWKHFODVV<RXPD\OLNHWRSRLQWWRWKHQXPEHUVRQWKHFODVVQXPEHUOLQHDVWKH\
FRXQWRUKDYHVWXGHQWVSRLQWWRWKHQXPEHUVRQWKHLUGHVNQXPEHUOLQHV
>q^k\bl^+
7
7RGD\ZKHQZHZRUNLQVPDOOJURXSVDWWKHFHQWHUV,ZDQW\RXWREHWKLQNLQJDERXWZKDW
\RXDUHGRLQJZLWKWKHPDWHULDOVVR\RXFDQVKDUH\RXUZRUNDWWKHHQGRIFODVV
/HWVWXGHQWVJRWRFHQWHUVDQGIUHHO\H[SORUHDQ\RIWKHPDQLSXODWLYHV$V\RXYLVLWHDFKFHQWHU
REVHUYHVWXGHQWVDQGDVNTXHVWLRQV%ULQJDORQJYDULRXVFRORUHGVWULQJORRSV:KHQ\RXREVHUYHD
VWXGHQWZKRDSSHDUVWRKDYHVRUWHGWKHLUREMHFWVDVN
7
:K\GR\RXKDYHGLIIHUHQWSLOHV"+RZGLG\RXGHFLGHZKDWWRSXWLQHDFKSLOH"
%DVHGRQWKHVWXGHQW·VUHVSRQVHUHVWDWHWKHTXDOLWLHVRUDWWULEXWHVRIWKHGLIIHUHQWJURXSVDQG
FRQWLQXH
7
6LQFHDOOWKHVHSRLQWWRRQHJURXSDUHUHG,DPJRLQJWRSXWWKLVVWULQJDURXQGWKHPVRZH
ZLOONQRZWKH\DOOEHORQJWRWKHUHGJURXS<RXFDQSXWRWKHUREMHFWVLQWKLVVWULQJDVORQJ
DVWKH\DUHUHG:RXOG\RXSXWVRPHWKLQJJUHHQLQWKLVVWULQJ"
&RQWLQXHWKLVSURFHVVLQWKHRWKHUJURXSV7U\WRSODFHDWOHDVWRQHVWULQJORRSLQHDFKFHQWHU$ERXW
WHQPLQXWHVEHIRUHWKHHQGRIWKHSHULRGJDWKHUWKHFODVVWRJHWKHUIRUDGLVFXVVLRQ
7
,UHDOO\OLNHGZKDW,VDZLQFHQWHUVWRGD\6RPHRI\RXQRWLFHG,SXWVWULQJVDURXQGJURXSV
RIREMHFWVLQWKHFHQWHUV,GLGWKLVWRJLYHXVDQHDV\ZD\WRVRUWWKLQJV
+RZFRXOG,PDNHDUHFRUGWRVKRZVRPHRQHHOVHZKDW,VDZDWWKLVFHQWHUWRGD\SRLQWWRD
FHQWHU"
6
<RXFRXOGGUDZDSLFWXUH
-&+.
D1
7
*UHDWLGHD,WKLQN,ZLOOGUDZLWRQWKLVSDSHUWRVKRZ\RXKRZWRGUDZLWLQ\RXUPDWK
MRXUQDO‚
3RLQWWRDFHQWHUZKHUHWKHVWXGHQWVVRUWHGREMHFWVDQGVD\
7
%HOLQGDVRUWHGREMHFWVDWKHUFHQWHU+RZPDQ\REMHFWVGLG%HOLQGDSXWLQRQHSLOH"
6
6HYHQ
7
&RXQWDORQJDV,GUDZVHYHQREMHFWVRQ
WKHSDSHU'RWKH\ORRNOLNH%HOLQGD·V
REMHFWV"<HV
7
1H[W,ZLOOGUDZDVWULQJDURXQGWKH
REMHFWVLQWKLVSLOHWRVKRZWKH\DUH
WRJHWKHU
'RHV%HOLQGDKDYHRWKHUREMHFWVRQWKH
WDEOH"<HV
&RXQWDORQJDV,GUDZWKHPRQWKHSDSHU
6
2QHWZRWKUHHIRXU
7
7KHSLFWXUHVKRZVXVKRZ%HOLQGD
SXWFHUWDLQREMHFWVWKDWZHUHWKHVDPH
WRJHWKHU
1RZ,ZRXOGOLNHHDFKRI\RXWRPDNH
DSLFWXUHLQ\RXUPDWKMRXUQDORIWKH
REMHFWV\RXKDYHVRUWHG
Ghm^3,WLVLPSRUWDQWWRUHDOL]HWKDWWKHVWXGHQWV·MRXUQDOHQWULHVZLOOEHWKHLUEHVWHIIRUWEXWQRW
QHFHVVDULO\WKHHDVLHVWWRUHFRJQL]H,QPDQ\FDVHVVWXGHQWVZLOOKDYHWRH[SODLQWKHLUSLFWXUHV
7KDW·VRND\7KHLUHQWULHVZLOOLPSURYHRYHUWLPH
‚
$QH[SODQDWLRQRIPDWKMRXUQDOVLVFRQWDLQHGRQSDJH
-&+/
D2
D2@>H;H:K=L*
<Zilne^E^llhgLnffZkr
8VHVRUWLQJWRVHSDUDWHJHREDQGV7KHQXVHVRPHRIWKHJHREDQGVWREHJLQIUHH
H[SORUDWLRQZLWKWKHJHRERDUGV
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGJHRERDUG
‡ *HREDQGV
Lmn]^gm
‡ *HRERDUG
‡ *HREDQGV
:]oZg\^Ik^iZkZmbhg3,I\RXGRQRWKDYHDQRYHUKHDGJHRERDUG\RXFDQPDNHDWUDQVSDUHQF\IURP
%ODFNOLQH.
+ROGXSDJHRERDUGDQGDVN
7
:KDWGR\RXQRWLFHDERXWWKLVERDUG"'RHVDQ\RQHNQRZZKDWLWLVFDOOHG"
7KLVLVFDOOHGDJHRERDUGDQGZHDUHJRLQJWREHXVLQJLWWRKHOSXVXQGHUVWDQGDQGEXLOG
VKDSHV
+ROGXSDEDJRIJHREDQGV
7
'R\RXNQRZZKDWWKHVHDUH"
6
7KH\·UHUXEEHUEDQGV
7
:KDWDUHVRPHZD\VZHXVHUXEEHUEDQGV"
6
7KH\KROGWKLQJVWRJHWKHU
6
7KH\VWUHWFK
6
<RXFDQVKRRWWKHP
7
7KHVHDUHDVSHFLDONLQGRIUXEEHUEDQG7KH\DUHFDOOHGJHREDQGVEHFDXVHZHZLOOXVH
WKHPRQRXUJHRERDUGV$V\RXNQRZUXEEHUEDQGVFDQÁ\RIIRIWKLQJVLQWRWKHDLU7KH
VDPHLVWUXHRIWKHJHREDQGV,ZLOOVKRZ\RXKRZWRZRUNZLWKJHREDQGVVRWKDWGRHVQ·W
KDSSHQ
2QWKHRYHUKHDGGHPRQVWUDWHWKHSURSHUZD\WRSODFHDQGWRUHPRYHDJHREDQGRQWKHJHRERDUG
7
:KHQSXWWLQJDJHREDQGRQWKHJHRERDUGRUWDNLQJLW
RIIDOZD\VNHHSDÀQJHURQWRSRIRQHRIWKHSHJVWKH
EDQGJRHVDURXQG
'LVWULEXWHJHRERDUGVDQGJHREDQGVWRSDLUVRIVWXGHQWV$OORZ
WLPHIRUIUHHH[SORUDWLRQ$VVWXGHQWVDUHSOD\LQJFKHFNWKDW
HDFKSDLUNQRZVKRZWRSXWJHREDQGVRQDQGWDNHJHREDQGVRII
WKHJHRERDUGV
-&+0
D2
$IWHUDERXW²PLQXWHVRIIUHHSOD\FDOOWKHFODVVEDFNWRDWWHQWLRQDQGPDNHVRPHJURXS
REVHUYDWLRQVDERXWWKHPDWHULDOV
7
:KDWGR\RXQRWLFHDERXWWKHJHREDQGV"
6
7KH\DUHGLIIHUHQWFRORUV
6
7KH\DUHGLIIHUHQWVL]HV
,QVWUXFWVWXGHQWSDLUVWRVRUWWKHJHREDQGVDFFRUGLQJWRFRORUDQGVL]H7KHQDVNWKHPWRVHOHFWRQH
JHREDQGRIHDFKFRORUDQGSXWDOOWKHRWKHUVEDFNLQWRWKHLUEDJ
7
:KLFKFRORUJHREDQGLVWKHELJJHVW":KLFKFRORULVWKHVPDOOHVW"3XW\RXUJHREDQGVLQ
RUGHUIURPELJJHVWWRVPDOOHVW
1RZ\RXPD\XVHMXVWWKHVHJHREDQGVEXW\RXFDQPDNHDQ\GHVLJQVWKDW\RXZDQWZLWK
WKHPRQWKHJHRERDUG
6WXGHQWVPD\PDNHDOONLQGVRIVKDSHVSLFWXUHVOHWWHUVDQGQXPHUDOV$V\RXZDONDURXQGWKHURRP
REVHUYLQJ\RXPD\ZDQWWRFRPPHQWRQVRPHGHVLJQVDQGFKHFNWKDWERWKVWXGHQWVLQDSDLUDUH
FRQWULEXWLQJ
$VZLWKDQ\PDQLSXODWLYHPDWHULDODOORZDIHZPRPHQWVDWWKHHQGRIFODVVWRSXWJHREDQGVDQG
JHRERDUGVDZD\,I\RXGRQRWKDYHDFODVVURRPVHWRIJHRERDUGVWKLVDFWLYLW\PD\EHGRQHDWD
FHQWHU
-&+1
D*)
D*):=CNLMF>GM(:LL>LLF>GM=:R*
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHPDWHULDOV,I\RXIHHOVWXGHQWVQHHGWRFRQWLQXHZLWKIUHHH[SORUDWLRQUHSHDW/HVVRQ.<RX
PD\ZLVKWRUHSHDW/HVVRQ.*HRERDUGVOHWWLQJVWXGHQWVXVHDGLIIHUHQWFROOHFWLRQRIJHREDQGVRU
DVNLQJIRUDVSHFLDONLQGRIGHVLJQ
7KHIROORZLQJDFWLYLW\PD\EHXVHGWRJLYHVWXGHQWVDGGLWLRQDOSUDFWLFHFODVVLI\LQJREMHFWVRU
LGHQWLI\LQJDWWULEXWHVLQWKHVRUWLQJSURFHVV
LhkmZg]@n^ll
3ODFHRGGVDQGHQGVER[HVDWVHYHUDOORFDWLRQVDURXQGWKHURRP)RUHDFKER[GHFLGHRQDQDWWULEXWH
WKDWGHVFULEHVPDQ\REMHFWVLQWKHER[DQGSLFWXUHWKDWDWWULEXWHRQDQLQGH[FDUG6HWWKHFDUGQH[WWR
WKHER[6HQGDVPDOOJURXSRIVWXGHQWVWRHDFKORFDWLRQDQGDVNWKHPWRWDNHREMHFWVRXWRIWKHER[
DQGSODFHWKHPQHDUWKHFDUGLIWKHFDUGGHVFULEHVWKHPLIWKHREMHFWKDVWKDWDWWULEXWH/HDYHDOOWKH
RWKHUREMHFWVLQWKHER[:KHQÀQLVKHGVWXGHQWVVKRXOGWXUQRYHUWKHFDUG
7KHQURWDWHWKHVPDOOJURXSVWRRWKHUORFDWLRQV$WHDFKORFDWLRQLQVWUXFWWKHJURXSRIVWXGHQWVWRWU\
WRJXHVVKRZDOOWKHREMHFWVQH[WWRWKHFDUGDUHDOLNHWKHDWWULEXWHDQGWKHQFKHFNE\WXUQLQJRYHU
WKHFDUG&RQWLQXHWKHURWDWLRQVXQWLODOOVWXGHQWVKDYHEHHQDWDOOORFDWLRQV
2OUND
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·VRUWLQJDQGFODVVLI\LQJVNLOOV
-&+2
D*)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.6RUWLQJZLWK6WULQJV6WULQJORRSV
.&KDQJHV&KDQJHV%XLOGLQJPDQLSXODWLYHV
.*UDSKLQJ2EMHFWV)ORRUJUDSK
.:D\VWR0DNH6L[6L[LGHQWLFDOODUJHREMHFWVVPDOOEORFNVRUFRXQWHUV
.2UFKHVWUD&ODS7DS6QDSYLVXDODLGFDUGV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHDSSURSULDWHOLWHUDWXUH......
-&,)
D**
D**LHKMBG@PBMALMKBG@L+
<Zilne^E^llhgLnffZkr
&RQWLQXHH[SORUDWLRQDQGVRUWLQJRIPDQLSXODWLYHV0DNHDSLFWXUHRIWKHVRUWLQJXVLQJ
VWULQJVDQGGRWV
FZm^kbZel
M^Z\a^k
‡ )LQJHUSOD\RSWLRQDO
‡ 6WULQJORRSV
‡ &KDUWSDSHU
Lmn]^gm
‡ 0DWKMRXUQDORUSDSHU
:]oZg\^Ik^iZkZmbhg36HWXSVHYHUDOFHQWHUVHDFKRQHKDYLQJDGLIIHUHQWVHWRIPDQLSXODWLYHVDQGRQH
FRORUHGVWULQJORRS
>q^k\bl^*
/HDGWKHFODVVLQDÀQJHUSOD\VXFKDV7HQ5HG$SSOHV
>q^k\bl^+
'LUHFWVWXGHQWVWRZRUNLQVPDOOJURXSVDWWKHFHQWHUVDVLQ([HUFLVHRI/HVVRQ.
7
7RGD\DW\RXUFHQWHU\RXDUHJRLQJWRVRUW3XWREMHFWV\RXWKLQNDUHDOLNHLQVRPHZD\
WRJHWKHULQVLGHWKHVWULQJORRS
0RYHIURPFHQWHUWRFHQWHUREVHUYLQJTXHVWLRQLQJDQGFRPPHQWLQJ
>q^k\bl^,
6WRSDERXWPLQXWHVEHIRUHWKHHQGRIWKHFODVVSHULRGWRUHYLHZKRZWRPDNHDPDWKMRXUQDOHQWU\
VHH/HVVRQ.
7
:HDUHJRLQJWRSLFWXUHRXUZRUNDWWKHFHQWHUVLQRXUPDWKMRXUQDOV
5HIHUVWXGHQWVWRWKHLUMRXUQDOHQWULHVIURP/HVVRQ.
7
/DVWWLPH\RXGLGWKLV\RXWULHGWRGUDZDSLFWXUHRIHDFKREMHFW+RZGLG\RXOLNHWKDW"
6
,WZDVIXQ
6
,WZDVKDUG
6
,WWRRNDORQJWLPH
7
<RX·UHULJKW,WZDVKDUGDQGGLGWDNHDORQJWLPH7RGD\ZHDUHJRLQJWRWU\WRPDNHLW
HDVLHU
6HOHFWRQHFHQWHU·VVRUWHGREMHFWVWRXVHDVDQH[DPSOH
-&,*
D**
7
,DPJRLQJWRGUDZDSLFWXUHRIWKHVRUWHGREMHFWVLQWKLV
FHQWHURQP\SDSHU)LUVW,·OOGUDZDVWULQJWRORRNOLNHWKH
VWULQJORRSDURXQGREMHFWVWKDWDUHDOLNH
+RZPDQ\REMHFWVDUHWKHUHLQVLGHWKLV
VWULQJSRLQWWRVWULQJORRSDWWKHFHQWHU"
6
6L[
7
5DWKHUWKDQGUDZDQDFWXDOSLFWXUHRIHDFKREMHFWLQVLGH
WKLVVWULQJ,·PJRLQJWRGUDZDGRWIRUHDFKRIWKHP
&RXQWDORQJDV,GUDZVL[ELJGRWV
5HSHDWWKLVSURFHVVIRUWKHREMHFWVRXWVLGHRIWKHVWULQJ
7
7KLVSLFWXUHVKRZVWKDWDWWKLVFHQWHUVL[REMHFWVDUH
LQVLGHWKHVWULQJORRSSRLQWWRHDFKGRWLQVLGHWKHVWULQJ
DQGHLJKWREMHFWVDUHRXWVLGHWKHVWULQJ
ORRSSRLQWWRHDFKGRWRXWVLGHWKHVWULQJ
<RXPD\OLNHWRDVNWKHVWXGHQWVDWWKLVFHQWHUKRZWKH\GHFLGHGWRSXWWKLQJVLQVLGHWKHVWULQJORRS
7
1RZHDFKRI\RXFDQGUDZDSLFWXUHRIKRZ\RXVRUWHGDW\RXUFHQWHU
$V\RXREVHUYHVWXGHQWV·SLFWXUHVHQFRXUDJHWKHPWRUHPHPEHUKRZWKHVRUWLQJZDVGRQH
>q^k\bl^&DOORQVHYHUDOVWXGHQWVWRVKDUHWKHLUVRUWLQJSLFWXUHVZLWKWKHFODVV
7
-&,+
$V\RXOLVWHQWR6WHYHQWHOOXVDERXWKLVSLFWXUHWKLQNDERXWZKDW\RXOLNHDERXWKLV
SLFWXUH<RXPLJKWDOVRWKLQNRIDTXHVWLRQWRDVNKLPDERXWWKHVRUWLQJ
D*+
D*+<A:G@>L%<A:G@>L
<Zilne^E^llhgLnffZkr
,QDIUHHH[SORUDWLRQHQYLURQPHQWXVHEXLOGLQJPDQLSXODWLYHVWRFUHDWHSDWWHUQV
JHRPHWULFGHVLJQVRURWKHUVWUXFWXUHV
FZm^kbZel
M^Z\a^k
‡ &KDQJHV&KDQJHVE\3DW
+XWFKLQVRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ %XLOGLQJPDQLSXODWLYHVVXFK
DVZRRGHQEORFNVRQHLQFK
FXEHVFDUGERDUGEORFNVSDWWHUQ
RUSDUTXHWU\EORFNV/HJRŠRU
'XSORŠEULFNV/LQFROQ/RJVDQG
VRRQ
Ghm^37KLVOHVVRQLVEDVHGRQUHDGLQJ&KDQJHV&KDQJHVWRWKHVWXGHQWV,I\RXXVHDQRWKHUVWRU\
WRLQWURGXFHEXLOGLQJZLWKEORFNVDGMXVWWKHGLDORJXHDFFRUGLQJO\7KHVPDOOJURXSDFWLYLWLHVFDQEH
XVHGZKHWKHU\RXUHDGWKHVWRU\RUQRW
>q^k\bl^*
5HDG&KDQJHV&KDQJHVE\3DW+XWFKLQVWR\RXUVWXGHQWV2QWKHERDUGVHWXSDUHVSRQVHFKDUW
VLPLODUWRWKHRQHVKRZQEHORZDQGUHFRUGVWXGHQWUHVSRQVHVWRWKHIROORZLQJTXHVWLRQV
7
:KDWZHUHVRPHRIWKHWKLQJVWKDWZHUHEXLOWRXWRIEORFNVLQWKLVVWRU\"
:KDWKDYH\RXDFWXDOO\PDGHXVLQJEORFNV"
:KDWZRXOG\RXOLNHWRPDNHZLWKWKHEORFNVWKDW\RXKDYHQRWPDGHEHIRUH"
>q^k\bl^+
2UJDQL]HWKHVWXGHQWVLQWRVPDOOJURXSVRIWKUHHWRÀYH*LYHHDFKJURXSDGLIIHUHQWVHWRIEXLOGLQJ
EORFNV7KHQLQVWUXFWWKHJURXSVWRFUHDWHZKDWHYHUGHVLJQSDWWHUQRUVWUXFWXUHWKH\OLNHZLWKWKHLU
EORFNV$V\RXREVHUYHWKHJURXSZRUNHQFRXUDJHVWXGHQWVWRWDONDERXWWKHLUEXLOGLQJV1RWHKRZ
LQGLYLGXDOVWXGHQWVLQWHUDFWZLWKRWKHUVWXGHQWVDQGZLWKWKHPDWHULDOV
>q^k\bl^,!himbhgZe"
&DOORQVWXGHQWJURXSVWRGHVFULEHWKHLUEXLOGLQJVWRWKHFODVV(QFRXUDJHVWXGHQWVWRXVHVL]H
FRPSDULVRQVLGHDVRISDWWHUQRUVKDSHUHFRJQLWLRQLQWKHLUGHVFULSWLRQV<RXPD\OLNHWROHWRWKHU
VWXGHQWVFRPPHQWRQDJURXS·VEXLOGLQJRUDVNTXHVWLRQV
-&,,
-&,-
D*,
D*,?BO>EBMME>FHGD>RL
<Zilne^E^llhgLnffZkr
8VHWKHODQJXDJHVRIVWULQJVDQGDUURZVWRSLFWXUHUHODWLRQVLQDVWRU\
FZm^kbZel
M^Z\a^k
‡ )LYH/LWWOH0RQNH\V6LWWLQJLQ
D7UHHE\(LOHHQ&KULVWRORZRU
DQRWKHUERRNIURPWKHOLWHUDWXUH
OLVW
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
Ghm^37KLVOHVVRQLVEDVHGRQ)LYH/LWWOH0RQNH\V6LWWLQJLQD7UHHDERRNZULWWHQIURPWKH
FRXQWLQJEDFNZDUGVRQJJLYHQEHORZ,I\RXFKRVHDERRNIURPWKHOLWHUDWXUHOLVWWKDWLVGLIIHUHQW
IURP)LYH/LWWOH0RQNH\V6LWWLQJLQD7UHHWKHGLDORJXHDQGGLDJUDPVZLOOEHGLIIHUHQWIURPWKRVH
SUHVHQWHGLQWKLVOHVVRQ<RXPD\DOVRZLVKWRYDU\WKHQXPEHUFRQFHSWDFFRUGLQJWR\RXUVWXGHQWV·
DELOLWLHVIRUH[DPSOHLQFUHDVHÀYHOLWWOHPRQNH\VWRWHQOLWWOHPRQNH\V
5HDG)LYH/LWWOH0RQNH\V6LWWLQJLQD7UHHE\(LOHHQ&KULVWRORZRUDQRWKHUERRNIURPZKLFK\RX
FDQVHWXSDUHODWLRQVKLSDORXGWRWKHFODVV&RQGXFWDJURXSGLVFXVVLRQRIWKHVWRU\
?bo^Ebmme^Fhgd^rl
)LYHOLWWOHPRQNH\VVLWWLQJLQDWUHH
7HDVLQJ0U$OOLJDWRU´&DQ·WFDWFKPH&DQ·WFDWFKPHµ
$ORQJFDPH0U$OOLJDWRUTXLHWDVFDQEH61$3
)RXUOLWWOHPRQNH\VVLWWLQJLQDWUHH«
7KUHHOLWWOHPRQNH\VVLWWLQJLQDWUHH«
7ZROLWWOHPRQNH\VVLWWLQJLQDWUHH«
2QHOLWWOHPRQNH\VLWWLQJLQDWUHH«
1ROLWWOHPRQNH\VVLWWLQJLQDWUHH
$QG0U$OOLJDWRUDVIDWDVFDQEH
7
:KRDUHWKHPDLQFKDUDFWHUVLQWKLVIXQQ\VWRU\"
6
7KHÀYHPRQNH\VDQGWKHDOOLJDWRU
7
:DVWKHUHDSUREOHPLQWKLVVWRU\"
$OORZVWXGHQWVWLPHWRGLVFXVVZKDWWKH\WKRXJKWWKHSUREOHPZDV
7
:H·UHJRLQJWRDFWRXWWKLVVWRU\VRZH·OOQHHGÀYHPRQNH\VDQGRQHDOOLJDWRU
-&,.
D*,
&KRRVHDFWRUV7KHQUHUHDGWKHVWRU\RUVRQJZLWKDVWXGHQWVLWWLQJGRZQDIWHUHDFK´61$3µ7KH
UHVWRIWKHFODVVFDQVLQJDORQJ
7
&RXOGZHGUDZDSLFWXUHWRWHOOWKLVVWRU\"
6RPHRQHPD\VXJJHVWGUDZLQJDWUHHZLWKPRQNH\VDULYHUDQGDQDOOLJDWRU
7
6XUHZHFRXOGGUDZDSLFWXUHRIDWUHHWKHQGUDZÀYHPRQNH\VLQWKHWUHHDQGWKHQGUDZ
DULYHUZLWKDQDOOLJDWRU%XWWKDWVRXQGVOLNHDORWRIZRUNDQG,DPDIUDLGLWZLOOWDNHD
ORQJWLPH
'R\RXUHPHPEHUKRZZHGUHZGRWVIRUREMHFWVEHIRUH"
/HW·VXVHGRWVIRUWKHPRQNH\VDQGWKHDOOLJDWRU
'UDZWKLVSLFWXUHRQWKHERDUG
MONKEYS
ALLIGATOR
MONKEYS
ALLIGATOR
MONKEYS
ALLIGATOR
&DOORQVWXGHQWVWRSRLQWWRDQGFRXQWWKHPRQNH\VDQGWKH
DOOLJDWRU
'UDZDUURZVLQ\RXUSLFWXUHDVVKRZQ
7
:KDWFRXOGWKHDUURZVPHDQ"
6
´,WHDVHG\RXµ
5HYHUVHWKHGLUHFWLRQRIWKHDUURZVDVLQWKH
IROORZLQJLOOXVWUDWLRQ
7
1RZZKDWFRXOGWKHDUURZVPHDQ"
6
´,VQDSSHGDW\RXµ
6
´,DWH\RXµ
,QWKHLUPDWKMRXUQDOVDVNVWXGHQWVWRGUDZWKHLURZQSLFWXUHWRWHOODERXWWKHVWRU\6RPHPD\
FKRRVHWRGUDZPRQNH\VDQGDOOLJDWRUVRWKHUVPD\GUDZDSLFWXUHZLWKGRWVDQGVWULQJV
-&,/
D*-
D*-D:&;EH<DL*
<Zilne^E^llhgLnffZkr
([SORUHDWWULEXWHEORFNPDQLSXODWLYHVWRGLVWLQJXLVKDVSHFWVRIVL]HVKDSHDQGFRORU
FZm^kbZel
M^Z\a^k
‡ 6KDSHVÀQJHUSOD\RU&LUFOHV
7ULDQJOHVDQG6TXDUHVE\7DQD
+REDQRUDQRWKHUERRNIURPWKH
VKDSHVHFWLRQRIWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ .$EORFNV
‡ 0DWKMRXUQDORUSDSHU
:]oZg\^Ik^iZkZmbhg33UHSDUHHQRXJKVHWVRI.$EORFNVIRUHDFKVWXGHQW,I\RXSUHIHUWRXVHZRRGHQ
RUSODVWLFDWWULEXWHEORFNVFKRRVHVHWVZLWKFRORUVKDSHDQGVL]HDWWULEXWHV
>q^k\bl^*
,QWURGXFHWKHÀQJHUSOD\6KDSHVRUUHDGDERRNDERXWVKDSHVVXFKDV&LUFOHV7ULDQJOHVDQG6TXDUHV
E\7DQD+REDQ$VNVWXGHQWVWRORRNDURXQGWKHURRPDQGWHOOZKDWVKDSHVWKH\VHH
>q^k\bl^+
3URYLGHHDFKVWXGHQWZLWKDVHWRI.$EORFNVDQGDÁDWVXUIDFHGHVNWDEOHÁRRURQZKLFKWRZRUN
([SODLQWKDWWKH\FDQXVHWKHEORFNVDVWKH\OLNHIRUDIHZPLQXWHVSHUKDSVWRFUHDWHVRPHQLFH
GHVLJQV
&LUFXODWHDPRQJWKHVWXGHQWVHQFRXUDJLQJFUHDWLYHDFWLYLW\DQGH[SORUDWLRQ<RXPD\OLNHWROHW
VWXGHQWVWDONZLWK\RXRUZLWKWKHLUIULHQGVDERXWZKDWWKH\DUHGRLQJ
2FFDVLRQDOO\DVNTXHVWLRQVWRHQFRXUDJHREVHUYDWLRQRIFRORUQXPEHURIVLGHVVL]HFRPSDULVRQDQG
VRRQ
7
7HOOPHDERXWVRPHRIWKHSLHFHV\RXDUHXVLQJ
+RZGLG\RXGHFLGHWRXVHWKRVHSLHFHV"
'RHVWKLVSLHFHKDYHFRUQHUV"
:KDWFRORULVWKLVSLHFH"
'RHVWKLVSLHFHKDYHWKHVDPHQXPEHURIVLGHVDVLWKDVFRUQHUV"
:KLFKRIWKHVHWZRSLHFHVKDVPRUHVLGHV"
:KLFKSLHFHKDVWKHPRVWFRUQHUV"
&DQVRPHRIWKHVHSLHFHVEHSXWWRJHWKHUWRÀWRQWRWKLVSLHFH"+RZPDQ\"
$UHDOOWKHVLGHVRIWKLVSLHFHWKHVDPHVL]H"
-&,0
D*+HUHDUHVRPHDGGLWLRQDOQRWHVDERXWWKLVIUHHH[SORUDWLRQDFWLYLW\
‡ &RPPHQWSRVLWLYHO\RQDQ\GHVLJQVDQGVRUWLQJWKDWLVHYLGHQW<RXPD\ZLVKWRXVHWKH
REVHUYDWLRQUHFRUGRQ%ODFNOLQH.FWRPDNHDSSURSULDWHQRWHV
‡ ,IDVWXGHQWDVNV\RXZKDWDFHUWDLQVKDSHLVFDOOHGDQVZHUVLPSO\ZLWKDSURSHUQDPH
‡ $VWXGHQWPD\YROXQWHHUDQDPHIRUDVKDSH,IWKHFRUUHFWQDPHLVXVHGUHLQIRUFHLW,I
WKHQDPHLVRULJLQDOFRPPHQWWKDWDOWKRXJKWKDWQDPHLVLQWHUHVWLQJWKHVKDSHGRHVKDYH
DQRWKHUQDPHDQGJLYHWKHFRPPRQQDPHWRWKHVWXGHQW
‡ ,IDVWXGHQWXVHVIRUH[DPSOHWKHQDPHWULDQJOHZKHQUHIHUULQJWRDVTXDUHJLYHFUHGLWIRU
EHLQJDZDUHRIWKHZRUGWULDQJOHWKHQFRUUHFWWKHLGHQWLÀFDWLRQ
7KHQDPHVRIWKHVKDSHVRIWKH&603.$EORFNVGRQRWDSSHDURQWKHDFWXDOSLHFHVWKH\DSSHDU
KHUHIRU\RXULQIRUPDWLRQRQO\
.$%ORFNV
&LUFOH
6TXDUH
7ULDQJOH
6TXDUH
5HFWDQJOH
3HQWDJRQ
&LUFOH
7UDSH]RLG
(
7U
LD
QJ
OH
OOLS
VH
7ULDQJOH
3D
UD
OOH
ORJ
UD
P
+H[DJRQ
7ULDQJOH
)UHHSOD\DFWLYLWLHVPD\LQFOXGHVRPHGUDZLQJDQGFRORULQJLQPDWKMRXUQDOV6WXGHQWVFDQPDNH
IUHHKDQGGUDZLQJVWUDFHDURXQGWKHEORFNVDVLIWKH\ZHUHVWHQFLOVRUXVHDSXQFKHGRXWVKHHWDVD
WHPSODWH3RVVLEOHGLUHFWHGDFWLYLWLHVLQFOXGHWKHIROORZLQJ
‡ 'UDZGLIIHUHQWVKDSHVEXWFRORUWKHPLQDVSHFLÀHGZD\JUHHQFLUFOHVEOXHWULDQJOHVDQG
VRRQ
‡ 5HSURGXFHMXVWRQHVKDSHVHYHUDOWLPHVYDU\LQJWKHSDWWHUQZLWKGLIIHUHQWFRORUVRU
GLIIHUHQWSODFHPHQWV
7KHIROORZLQJPDWHULDOVPD\EHSODFHGLQDFHQWHUWRUHLQIRUFHVKDSHFRQFHSWV
‡ 6KDSHFRRNLHFXWWHUVDQGFOD\RUSOD\GRXJK$SODVWLFNQLIHFDQEHXVHGWRFXWRXWVKDSHVLI
FRRNLHFXWWHUVDUHQRWDYDLODEOH
‡ 0DJD]LQHVRUQHZVSDSHUVIURPZKLFKVWXGHQWVFDQFXWRXWVKDSHVWRFUHDWHDVKDSHFROODJH
‡ )HOWVKDSHVIRUVWXGHQWVWRPDNHGHVLJQVRQÁDQQHOERDUGV
‡ 3RSVLFOHVWLFNVWRRWKSLFNVRUSLSHFOHDQHUVIRUVWXGHQWVWRPDNHVKDSHVE\JOXLQJWKHVH
PDWHULDOVRQSLHFHVRISDSHU
-&,1
D*.
D*.@K:IABG@H;C><ML
<Zilne^E^llhgLnffZkr
8VLQJLWHPVIURPWKHRGGVDQGHQGVER[JUDSKREMHFWVDIWHUVRUWLQJWKHP
FZm^kbZel
M^Z\a^k
‡ 2GGVDQGHQGVER[
‡ 7KUHHFROXPQÁRRUJUDSK
‡ %ODFNOLQH.
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg33ODFHREMHFWVLQ\RXURGGVDQGHQGVER[WKDWFDQEHVRUWHGLQWRWKUHHGLVWLQFW
FDWHJRULHV3UHSDUHDWKUHHFROXPQÁRRUJUDSKXVLQJDURERWZDONJULGVKHHW‚RURWKHUPDWHULDOVRI\RXU
FKRLFHVXFKDVFKDUWSDSHURUDYLQ\OWDEOHFORWK8VH%ODFNOLQH.WRSUHSDUHWKUHHFROXPQJUDSKV
IRUFHQWHUVRUIRULQGLYLGXDOVWXGHQWV
Ghm^37KLVJUDSKLQJDFWLYLW\PD\EHUHSHDWHGVHYHUDOWLPHVHVSHFLDOO\ZLWKOHVVRQVFDOOLQJIRU
VRUWLQJRGGVDQGHQGV
([SORUHDQGGLVFXVVZD\VWRVRUWWKHRGGVDQGHQGVZLWKWKHZKROHFODVV)LUVWDVNHDFKVWXGHQWWR
VHOHFWDQREMHFWIURPWKHRGGVDQGHQGVER[7KHQVHOHFWWKUHHVWXGHQWVZKRKDYHVHOHFWHGREMHFWV
ZLWKGLVWLQFWO\GLIIHUHQWDWWULEXWHVDQGDVNWKHPWRSODFHWKHLUREMHFWVDWWKHEDVHRI\RXUÁRRUJUDSK
'LVFXVVZLWKWKHFODVVKRZWKHVHREMHFWVDUHGLIIHUHQWDQGZKDWLVVSHFLDODERXWHDFKREMHFW1H[W
LQYLWHVWXGHQWVRQHDWDWLPHWRGHVFULEHWKHLUREMHFWDQGWHOOZKLFKREMHFWDWWKHEDVHRIWKHJUDSK
LWLVPRVWOLNH,QWKLVZD\HQFRXUDJHVWXGHQWVWRVXJJHVWDQDWWULEXWHIRUHDFKFROXPQRIWKHJUDSK
$VNVWXGHQWVWRSODFHWKHLUREMHFWVLQWKHFROXPQVRIWKHJUDSKJHWWLQJFODVVDJUHHPHQWIRUHDFK
SODFHPHQW
6
0\REMHFWLVXVHGIRUZULWLQJVR,SXWLWLQWKH
PLGGOHFROXPQ
2QFHDOOWKHVWXGHQWVKDYHSODFHGWKHLUREMHFWVDVNWKHPWR
FRPSDUHWKHOHQJWKVRIHDFKFROXPQ'RQRWDVNWKHPWRFRXQW
DQGFRPSDUHQXPHULFDOYDOXHVDWWKLVWLPH
:KHQDOOWKHVWXGHQWVKDYHSODFHGWKHLUREMHFWVDVNDIHZ
TXHVWLRQVDERXWWKHJUDSK)RUH[DPSOH
7
:KDWGRHVWKLVJUDSKWHOOXV"
:KLFKFROXPQKDVWKHPRVWREMHFWV"+RZGR
\RXNQRZ"
:KLFKFROXPQKDVWKHIHZHVWREMHFWV"+RZGR
\RXNQRZ"
'RZHKDYHPRUHNH\VRUPRUHEXWWRQV"
+RZPDQ\EXWWRQVGRZHKDYH"
‚
7KHURERWZDONJULGFRPHVZLWKWKH&603&ODVVURRP6HW
-&,2
D*.
&DOORQLQGLYLGXDOVWXGHQWVWRFRXQWREMHFWVLQDFROXPQDQG
WKHQWRUHFRUGWKHQXPEHURQWKHJUDSKRURQDSLHFHRISDSHU
DWWKHEDVHRUWRSRIWKHFROXPQDVLOOXVWUDWHGKHUH
7KHQDVNVRPHQXPHULFDOFRPSDULVRQTXHVWLRQVVXFKDV
7
,VPRUHRUOHVVWKDQ"
7
:KLFKQXPEHULVWKHJUHDWHVW"«WKHOHDVW"
2GGVDQGHQGVER[HVFDQHDVLO\EHXVHGDWFHQWHUV:RUNLQJLQVPDOOJURXSVVWXGHQWVFDQVRUW
REMHFWVDQGSODFHWKHPLQDJUDSKDFFRUGLQJWRDWWULEXWHV%ODFNOLQH.LVDYDLODEOHWRPDNH
WKUHHFROXPQJUDSKVIRUXVHLQFHQWHUV
-&-)
D*/
D*/GNF;>KK>:=BG>LL
<Zilne^E^llhgLnffZkr
$VVRFLDWHDQXPEHURIREMHFWVZLWKWKHGRWVRQGHPRQVWUDWLRQGRWFDUGVDQGQXPEHUVRQ
QXPHUDOFDUGV
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJERRNZLWKQXPEHUV
²IURPWKHOLWHUDWXUHOLVW
‡ 'HPRQVWUDWLRQGRWFDUGV²
‡ 'HPRQVWUDWLRQQXPHUDOFDUGV
²
‡ VPDOOREMHFWV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3&KRRVHWHQVPDOOREMHFWVDOOWKHVDPHVXFKDVFKHFNHUVSHQQLHVEXWWRQVDQG
VRRQ
>q^k\bl^*
,QWURGXFHDQHZFRXQWLQJERRNDQGUHDGLWDORXGWRWKHFODVV
>q^k\bl^+
,QYLWHWKHVWXGHQWVWRIRUPDODUJHFLUFOHRQWKHÁRRU,QWKHFHQWHURIWKHFLUFOHVFDWWHUWKH²
QXPHUDOFDUGVVRWKHQXPEHUVDUHYLVLEOH3ODFHDER[RIREMHFWVIRUH[DPSOHFKHFNHUVLQWKHFHQWHU
RIWKHFLUFOHDVZHOO6KRZWKHVWXGHQWVDGHPRQVWUDWLRQGRWFDUGRI\RXUFKRLFHWKHQSODFHLWLQWKH
FHQWHURIWKHFLUFOH
7
,ZRXOGOLNHVRPHRQHWRSODFHRQHFKHFNHURQHDFK
GRW&RXQWKRZPDQ\FKHFNHUV\RXDUHSXWWLQJRQWKH
GRWFDUG
6HOHFWDVWXGHQWWRSODFHWKHFKHFNHUVRQWKHGRWFDUG
7
:KRFDQÀQGWKHQXPEHUWKDWPDWFKHVWKLVGRWFDUG"
6HOHFWDGLIIHUHQWVWXGHQWWRÀQGWKHQXPHUDOFDUGDQGSODFHLW
QH[WWRWKHGRWFDUGZLWKFKHFNHUVRQLW
&RQWLQXHWKLVSURFHVVZLWKWKHRWKHUGRWFDUGV7U\WRLQYROYH
DOOWKHVWXGHQWVHVSHFLDOO\WKRVHZKRQHHGPRUHSUDFWLFH
FRXQWLQJDQGDVVRFLDWLQJDQXPEHUZLWKDQXPEHURIREMHFWV
«ILYHVL[
$VDYDULDWLRQVFDWWHUWKHGRWFDUGVLQWKHFLUFOHZLWKWKHGRWVYLVLEOH7KHQVKRZVWXGHQWVDQXPHUDO
FDUGRI\RXUFKRLFHSODFHLWLQWKHFHQWHURIWKHFLUFOHDQGFRQWLQXHDVEHIRUH7KLVPHWKRGDOORZV
VWXGHQWVWRZRUNLQUHYHUVHIURPDZULWWHQQXPEHUWRDQXPEHURIGRWV
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·QXPEHUUHFRJQLWLRQDQGFRUUHVSRQGHQFHZLWKDQXPEHURIREMHFWV
-&-*
-&-+
D*0
D*0P:RLMHF:D>LBQ
<Zilne^E^llhgLnffZkr
8VHPDQLSXODWLYHVWRFUHDWHGLIIHUHQWDUUDQJHPHQWVIRU
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJVRQJRUFRXQWLQJERRN
‡ 6L[LGHQWLFDOODUJHREMHFWVHJ
ZRRGHQRUFDUGERDUGEORFNV
VKRHER[HVERRNV
Lmn]^gm
‡ 6L[VPDOOEORFNVRUFRXQWHUV
>q^k\bl^*
5HDGDFRXQWLQJERRNDORXGVXFKDV)LVK(\HV$%RRN<RX&DQ&RXQW2QE\/RLV(KOHUWRU
LQWURGXFHDÀQJHUSOD\RUFRXQWLQJVRQJVXFKDV7HQ/LWWOH.LWWHQV
>q^k\bl^+
3DVVRXWVL[LGHQWLFDOVPDOOEORFNVRUFRXQWHUVWRHDFKVWXGHQW$OORZDIHZPLQXWHVDVQHFHVVDU\
IRUIUHHSOD\
3XW\RXUVL[LGHQWLFDOREMHFWVLQWKLVH[DPSOHER[HVRQWKHÁRRULQWZRJURXSVRIWKUHH
6HDWWKHVWXGHQWVLQDODUJHFLUFOHVRWKDWWKH\FDQVHH\RXUER[HV
7
$UUDQJH\RXUVL[EORFNVWRORRNOLNHP\VL[ER[HV
:KDWGR\RXVHH"
6
6L[ER[HVWKUHHRYHUKHUHDQGWKUHHRYHUWKHUH
:ULWHWKHIROORZLQJRQWKHERDUGRUFKDUWSDSHU
Ghm^3<RXPD\OLNHWRUHDGWKLVDV´VL[LVWKHVDPHDV
WKUHHSOXVWKUHHµRU´WKUHHSOXVWKUHHHTXDOVVL[µ'RQRW
RYHUHPSKDVL]HDQXPEHUVHQWHQFHDWWKLVWLPH
7
&DQDQ\RQHUHDUUDQJHWKHVHER[HVLQDQRWKHUZD\"
6XSSRVHDVWXGHQWDUUDQJHVWKHER[HVOLNHWKLV
-&-,
D*0
7
*RRGDUUDQJH\RXUEORFNVWRORRNOLNHWKHER[HVGRQRZ
+RZPDQ\ER[HVDUHRYHUKHUH"7ZR
$QGKRZPDQ\RYHUWKHUH")RXU
+RZPDQ\DOWRJHWKHU"6L[MXVWOLNHEHIRUH
5HSHDWWKLVH[HUFLVHZLWKVHYHUDORWKHUFRPELQDWLRQVIRUVL[7KHUHDUHRIFRXUVHPDQ\ZD\VWR
PDNHVL[DYRLGWKHWHPSWDWLRQWRVHHLIWKHVWXGHQWVFDQÀQGDOOWKHSRVVLEOHZD\V
7RHQVXUHWKHVWXGHQWV·IXWXUHHQMR\PHQWRIVLPLODUDFWLYLWLHVVWRSZKLOHWKHLULQWHUHVWLVVWLOOKLJK
<RXFDQEULQJWKHDFWLYLW\WRDQHQGE\VD\LQJ
7
/RRNDWDOOWKHGLIIHUHQWZD\VZHIRXQGWRZULWH/HW·VUHDGWKHPWRJHWKHU
,QVWUXFWVWXGHQWVWRZULWHRUGUDZWKHLUIDYRULWHZD\VRIPDNLQJVL[LQWKHLUPDWKMRXUQDO
6XJJHVWWKDWVWXGHQWVSUDFWLFHÀQGLQJFRPELQDWLRQVIDFWVIRUVL[RUVRPHRWKHUQXPEHUEHWZHHQ
DQGDWKRPHZLWKWKHKHOSRIDIDPLO\PHPEHU$VDPSOHOHWWHUWRSDUHQWVJXDUGLDQVIRUWKLV
KRPHDFWLYLW\LVSURYLGHGRQ%ODFNOLQH.
-&--
D*1
D*1<&KH=L*
<Zilne^E^llhgLnffZkr
,QWURGXFH&URGVWREHJLQZRUNRQFRQFHSWVRIOHQJWKDQGFRPSDULVRQ
FZm^kbZel
M^Z\a^k
‡ 6HWRI&URGV
‡ 2YHUKHDG&URGVRSWLRQDO
‡ %ODFNOLQHV.DDQGE
RSWLRQDO
Lmn]^gm
‡ 6HWRI&URGV
‡ :RUNVKHHWV.DDQGE
RSWLRQDO
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQHV.DDQGEWRPDNHFRSLHVRIZRUNVKHHWVLI\RXFKRRVHWR
XVHWKHPLQ([HUFLVH
>q^k\bl^*
<RXPD\OLNHWRVWDUWFDOOLQJWKHPDWHULDOV´&URGVµDWWKLVWLPH%HJLQZLWKDVKRUWSHULRGRIIUHH
H[SORUDWLRQZLWKWKH&URGV$IWHU²PLQXWHVDVNWKHVWXGHQWVWRVWRSZKDWWKH\DUHGRLQJDQG
JLYHWKHIROORZLQJGLUHFWLRQV
7
:HDUHJRLQJWRZRUNZLWKWKH&URGVWRGD\,WLVLPSRUWDQWIRU\RXWREHDJRRGOLVWHQHU
EHFDXVH,ZLOOEHJLYLQJ\RXGLUHFWLRQV/HW·VVHHZKRFDQIROORZDORQJ7REHJLQSXWDOO
WKH&URGVLQIURQWRI\RX
,DPJRLQJWRDVN\RXWRVKRZPHYDULRXVURGV:KHQ,GRKROGXSWKHURGV,DVNHGIRUVR
ZHFDQDOOVHH
$VNWKHVWXGHQWVWRVKRZ\RXDVHOHFWLRQRIURGVRQHDIWHUDQRWKHU9DU\WKHVRUWVRIGHVFULSWLRQV\RX
XVH)RUH[DPSOH
7
6KRZPH
‡ RQHUHGURG
‡ RQH\HOORZURGDQGRQHEODFNURG
‡ WZROLJKWJUHHQURGV
‡ WKHVKRUWHVWURG
‡ WKHORQJHVWURG
‡ WZRURGVWKDWKDYHWKHVDPHFRORU
‡ WZRURGVWKDWKDYHWKHVDPHOHQJWK
)LQGDURGWKDWLVORQJHUWKDQWKHEURZQRQHKROGXSDEURZQURG
)LQGWZRGLIIHUHQWURGVWKDWDUHVKRUWHUWKDQWKHRUDQJHURGKROGXSDQRUDQJHURG
>q^k\bl^+
,QWKLVH[HUFLVHZRUNZLWKVPDOOJURXSVRIWKUHHWRÀYHVWXGHQWV:KLOH\RXDUHZRUNLQJZLWKD
JURXS\RXPD\OLNHWROHWWKHRWKHUVWXGHQWVGR:RUNVKHHWV.DDQGE)RUWKHVHZRUNVKHHWV
H[SODLQWRWKHVWXGHQWVWKDWWKH\VKRXOGÀUVWPDNHWKHJLYHQGHVLJQZLWKWKHLU&URGVWKHQFRORUWKH
GHVLJQWKHFRORURIWKH&URGV
-&-.
D*1
*LYHWKHIROORZLQJGLUHFWLRQVWRDJURXSRIVWXGHQWV
7
3XWDZD\DOOWKHURGVH[FHSWRQHZKLWHURGRQH\HOORZURGDQGRQHRUDQJHURG
:KLFKRIWKHVHURGVLVWKHORQJHVW"2UDQJH
:KLFKRQHLVWKHVKRUWHVW":KLWH
:KLFKRQHLVLQEHWZHHQ"<HOORZ
$VNVWXGHQWVWRSODFHWKHVHWKUHHURGVLQWKHLUKDQGVDQGKLGHWKHPEHKLQGWKHLUEDFNV1RZDVN
VWXGHQWVWRORFDWHRQHRIWKHWKUHHURGVE\WRXFKDORQH
7
6KRZPH
‡ WKHVKRUWHVWRIWKHWKUHHURGV
‡ WKHORQJHVWRIWKHWKUHHURGV
‡ WKH\HOORZURG
‡ WKHZKLWHURG
(QGWKHVPDOOJURXSZRUNE\DVNLQJWKHVWXGHQWVWRVROYHWKHIROORZLQJULGGOH
7
,DPQRWWKHVKRUWHVWRIWKHVHWKUHHURGV
,DPQRWWKHORQJHVWRIWKHVHWKUHHURGV
:KLFKRQHDP,"
5HSHDWWKLVDFWLYLW\XQWLODOOVWXGHQWVKDYHZRUNHGLQDVPDOOJURXS
)RUDGGLWLRQDOSUDFWLFHSXW&URGVLQDPDWKFHQWHUZKHUHVWXGHQWVFDQUHSHDWVRPHSDUWRIWKLV
DFWLYLW\ZLWKDSDUWQHU
-&-/
D*2
D*2HK<A>LMK:
<Zilne^E^llhgLnffZkr
'HPRQVWUDWHSDWWHUQUHFRJQLWLRQXVLQJVQDSSLQJFODSSLQJDQGRUSDWWLQJDQGUHODWHWRD
YLVXDOSDWWHUQ
FZm^kbZel
M^Z\a^k
‡ 7DS7DS7DSÀQJHUSOD\
‡ 0DJQHWLFFKHFNHUV
‡ 6QDS7DS&ODSFDUGV
‡ %DWRQRSWLRQDO
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3%ODFNOLQH.D²FSURYLGHWKH6QDS7DSDQG&ODSYLVXDODLGFDUGV<RXPD\
ZLVKWRPRXQWWKHPRQFRORUHGFRQVWUXFWLRQSDSHURUSHUKDSVFRS\WKHPRQFRORUHGSDSHUDQGODPLQDWH
WKHP7RFRRUGLQDWHZLWKWKHOHVVRQXVHUHGIRU7DSEOXHIRU&ODSDQG\HOORZIRU6QDS$OVR\RXPD\
ÀQGLWKHOSIXOWRZULWHRXWWKHÀQJHUSOD\RQFKDUWSDSHURUVHQWHQFHVWULSV
>q^k\bl^*
3UHSDUHVWXGHQWVIRUWKLVSDWWHUQLQJDFWLYLW\E\WHDFKLQJWKHPWKH7DS7DS7DSÀQJHUSOD\
MZi%MZi%MZi
3RLQWWR\RXUWRH*RWDSWDSWDS
7DSWRH
3UHVV\RXUÀQJHUVVQDSVQDSVQDS
6QDSÀQJHUV
0DNH\RXUKDQGVJRFODSFODSFODS
&ODSKDQGV
1RZLW·VWLPHWRWDNHDQDS
3XWKDQGVWRJHWKHUOD\KHDGRQKDQGV
>q^k\bl^+
'LYLGHWKHFODVVLQKDOI2QHKDOIZLOOEHWKH7DSJURXS7KHLUUROHLVWRWDSRQWKHLUGHVNWRSV
ZKHQHYHU\RXRUDVWXGHQWSRLQWWRWKH7DSSLFWXUH
7KHRWKHUKDOIRIWKHFODVVZLOOEHWKH&ODSJURXS7KHLUUROHLVWRFODSWKHLUKDQGVWRJHWKHUZKHQHYHU
\RXRUDVWXGHQWSRLQWWRWKH&ODSSLFWXUH3ODFHWKH7DS&ODSFDUGVZKHUHDOOFDQVHH&RQGXFWD
FRXSOHRISUDFWLFHURXQGVZKHUH\RXSRLQWWRWKHSLFWXUHDQGWKHVWXGHQWVUHVSRQG
Ghm^3,QVWHDGRIKDYLQJVWXGHQWVWDSWKHLUGHVNV\RXPLJKWOLNHWRSURYLGHVRPHRUGLQDU\
SHUFXVVLRQLQVWUXPHQWVVXFKDVWDPERXULQHVRUOHWVWXGHQWVWDSRQWKHÁRRURQFDQVRQER[HVDQG
VRRQ
7
2ND\,DPJRLQJWRSRLQWWRWKH7DSDQG&ODSSLFWXUHVLQDFHUWDLQRUGHU:KHQ,SRLQWWR
\RXUSLFWXUHPDNHVXUH\RXUHVSRQG
7KLQNDERXWWKHRUGHUZKHQZHGRWKLV+HUHZHJR
-&-0
D*2
3RLQWWRWKH&ODSFDUGWZRWLPHVLQDURZ7KHQSRLQWWRWKH7DSFDUGDOVRWZRWLPHVLQDURZ
)LQDOO\SRLQWWRWKH&ODSFDUGVWZRPRUHWLPHV
&ODS
&ODS
7DS
7DS
&ODS
&ODS
7
:KDWSDWWHUQGLG\RXQRWLFH"
6
&ODS&ODS«7DS7DS«&ODS&ODS
7
+RZFRXOGZHUHFRUGWKLVSDWWHUQWRVKRZVRPHRQHHOVH"
6
'UDZSLFWXUHVOLNH\RXZHUHSRLQWLQJWR)LUVWWZR&ODSSLFWXUHVWKHQWZR7DSSLFWXUHV
WKHQWZR&ODSSLFWXUHVDJDLQ
6
:ULWHWKHZRUGV´&ODS&ODS7DS7DS&ODS&ODSµ
6
8VHWZRGLIIHUHQWFRORUHGFKHFNHUVOLNHEOXHIRU&ODSDQGUHGIRU7DS
5HFRUGWKLVSDWWHUQRQWKHERDUGH[SODLQLQJWKDW\RXDUHJRLQJWRXVHUHGFKHFNHUVIRU7DSDQGEOXH
FKHFNHUVIRU&ODS
7
,I,FRQWLQXHWKLVSDWWHUQZKDWGR\RXWKLQNZLOOFRPHQH[W"
6
7ZRUHGV7DSV
7
$QGWKHQ"
6
7ZREOXHV&ODSV
$VNWKHVWXGHQWVWRWDSDQGFODSDJDLQWKLVWLPHSRLQWWRWKHDSSURSULDWHGRWVDVWKH\GRVR
3XWWKHIROORZLQJSDWWHUQRIFRORUHGFKHFNHUVRQWKHERDUG
7
:KDWGRWKHUHGGRWVPHDQ"
6
7DS
7
$QGWKHEOXHGRWV"
6
&ODS
7
/RRNFDUHIXOO\DWWKHSDWWHUQ:KRFDQGRZKDWLWVD\V"
/HWYROXQWHHUVPDNHDWWHPSWV$VVRRQDVVRPHRQHPDQDJHVWRGRLWFRUUHFWO\OHWWKHZKROHFODVV
MRLQLQ<RXPD\OLNHWRJLYHWKHVWXGHQWZKRZDVDEOHWRGRLWFRUUHFWO\DEDWRQWR´GLUHFWWKH
RUFKHVWUDµ%HVXUHWRJLYHDYHU\FOHDUVLJQDOWRLQGLFDWHZKHQWKH\DUHWREHJLQ
-&-1
,I\RXUFODVVHQMR\VWKLVDFWLYLW\LQWURGXFHDSDWWHUQLQYROYLQJ&ODS7DSDQG6QDS
D*2
&ODS
&ODS
7DS
6QDS
&ODS
&ODS
7DS
6QDS"
&ODS
&ODS
7RUHSUHVHQWWKLVSDWWHUQZLWKFRORUHGFKHFNHUVFKRRVHDWKLUGFRORUIRU6QDS)RUH[DPSOH
,QVWUXFWVWXGHQWVWRZRUNLQVPDOOJURXSVZLWKPDQLSXODWLYHVWKDWFDQEHSDWWHUQHGHJ&URGV
FRORUHGEORFNVEHDGVSDSHUFOLSVRUVPDOOVTXDUHVRIFRQVWUXFWLRQSDSHU$VNVWXGHQWVWRFUHDWH
SDWWHUQVDQGWKHQWRUHFRUGWKHPLQWKHLUPDWKMRXUQDOV6KDUHMRXUQDOHQWULHVZLWKWKHZKROHFODVV
6HQGKRPHD&ODS7DS6QDSDFWLYLW\IRUVWXGHQWVWRGRZLWKIDPLO\PHPEHUV$SDUHQWOHWWHUDQG
VDPSOHDFWLYLW\FDQEHPDGHIURP%ODFNOLQH.G
-&-2
-&.)
D+):=CNLMF>GM(:LL>LLF>GM=:R+
D+)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHVHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQG
RUWKHQXPEHUVLQWKHOHVVRQVXFKDVLQ/HVVRQ.:D\VWR0DNH6L[,I\RXIHHODQ\VWXGHQWVQHHG
WRFRQWLQXHZLWKIUHHH[SORUDWLRQUHSHDW/HVVRQ.)UHH([SORUDWLRQXVLQJGLIIHUHQWPDWHULDOV
,I\RXZLVK/HVVRQ.*UDSKLQJ2EMHFWVFDQEHYDULHGE\GLUHFWLQJVWXGHQWVWRPDNHDÁRRURU
WDEOHJUDSKXVLQJDQXPEHURIWKHVDPHW\SHRIREMHFWVIRUH[DPSOHVKRHV&DOORQRQHVWXGHQWWR
WDNHRIIRQHVKRHDQGEHJLQDFROXPQZLWKLW6WDUWLQJHLWKHUDWWKHWRSRUERWWRPDVNWKHVWXGHQW
WRLGHQWLI\ZKDWW\SHRIVKRHLWLVLHRQHWKDWWLHVDERRWDVOLSRQDVQHDNHUDQGVRRQ$VNLI
DQ\RWKHUVWXGHQWVKDYHVLPLODUVKRHVDQGLIVRKDYHWKHPSODFHWKHLUVLQWKHVDPHFROXPQ5HSHDW
WKLVSURFHVVIRURWKHUVWXGHQWVZLWKRWKHUW\SHVRIVKRHV,IDVWXGHQWKDVDVKRHWKDWGRHVQRWÀW
DQ\RIWKHFDWHJRULHVSODFHLWRIIWKHJUDSKRUFUHDWHDQRWKHUFDWHJRU\FDOOHG´XQOLNHDOORWKHUVµRU
´XQLTXHµ'LUHFWVWXGHQWVWRFRXQWWKHQXPEHURIVKRHVLQHDFKFROXPQDQGGHFLGHZKLFKW\SHKDV
WKHPRVWWKHOHDVWRUWKHVDPH
7KHIROORZLQJJDPHDFWLYLWLHVPD\EHDSSURSULDWHIRUZRUNLQJRQOLVWHQLQJVNLOOVDWWULEXWH
UHFRJQLWLRQDQGFRPSDUDWLYHVL]HZLWKJURXSVRIVWXGHQWV
LbfhgLZrl
*RRGOLVWHQLQJVNLOOVDQGWKHDELOLW\WRIROORZGLUHFWLRQVZLOOLQFUHDVHWKHOLNHOLKRRGRIVXFFHVVLQ
VFKRRO*DPHVVXFKDV6LPRQ6D\VSURYLGHIXQZD\VRIZRUNLQJRQWKHVHWZRLPSRUWDQWVNLOOV
,QWKLVZHOONQRZQJDPHWKHWHDFKHURUWKHSOD\HUZKRLV´LWµJLYHVGLUHFWLRQVZKLFKDUHWREH
REH\HGRQO\LISUHFHGHGE\WKHZRUGV´6LPRQVD\Vµ
([DPSOHV
6LPRQVD\V´+ROGXSWKUHHÀQJHUVµ(YHU\RQHVKRXOGKROGXSWKUHHÀQJHUV
6LPRQVD\V´-XPSµ(YHU\RQHVKRXOGMXPS
7XUQWRWKHULJKW1RERG\VKRXOGPRYH
6DOO\VD\V´6LWGRZQµ1RERG\VKRXOGPRYH
PaZmB_8
3RVHD´ZKDWLI«µTXHVWLRQWRDJURXSRIVWXGHQWVDQGUHFRUGUHVSRQVHVRQFKDUWSDSHU7KH
TXHVWLRQVFDQDVNVWXGHQWVWRUHFRJQL]HDSDUWLFXODUDWWULEXWHVXFKDVFRORUVL]HVKDSHRURUGHU
)RUH[DPSOH
‡ :KDWLIZHFRXOGRQO\HDWUHGIRRGVZKDWFRXOGZHHDW"
‡ :KDWLIZHFRXOGRQO\GUDZURXQGWKLQJVZKDWFRXOGZHGUDZ"
‡ :KDWLIZHFRXOGRQO\ZULWHQXPEHUVOHVVWKDQZKDWQXPEHUVFRXOGZHZULWH"
‡ :KDWLIRQO\SHRSOHVKRUWHUWKDQ7DUDFRXOGVLWDWWKLVWDEOHZKRFRXOGVLWDWWKLVWDEOH"
-&.*
D+)
Pa^k^=h^lBm@h8
$UUDQJHVHYHUDOWKUHHRUIRXUREMHFWVE\VRPHDVSHFWRIVL]HKHLJKWOHQJWKPDVVFDSDFLW\DQGVR
RQ7KHQLQWURGXFHDQHZVLPLODUREMHFWDQGDVN
7
:KHUHZRXOGZHSODFHWKLVBBBBB"
:K\GRHVLWÀWWKHUH"
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·FODVVLÀFDWLRQDQGVHULDWLRQVNLOOV
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.&KLOGUHQDQG%RRNV3RLQWHUWHQVWRU\ERRNV
.2UGHUE\6L]HWRREMHFWVRIGLIIHULQJVL]HVSHUVWXGHQWRUSDLURIVWXGHQWV
.*HRERDUGV2YHUKHDGJHRERDUGRUWUDQVSDUHQF\VWXGHQWJHRERDUGVDQG
JHREDQGV
.+DSS\)LVK*ROGÀVKFUDFNHUVRUFRXQWHUV
.&5RGV&KDUWSDSHU
.1XPEHU&ROODJH/DUJHSLHFHRISDSHUJOXHVPDOOSDSHUUHFWDQJOHVRURWKHU
VKDSHV
.7KH=RR/DUJHVWULQJORRSVDQLPDOODEHOV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH......
-&.+
D+*
D+*<ABE=K>G:G=;HHDL
<Zilne^E^llhgLnffZkr
8VHWKHODQJXDJHRIVWULQJVDQGDUURZVWRFUHDWHDFRQFUHWHFRXQWLQJH[SHULHQFH$FWRXW
DQGSLFWXUHJLYLQJWHQERRNVWRIRXUVWXGHQWV
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
‡ 3RLQWHU
‡ 7HQVWRU\ERRNV
Lmn]^gm
‡ 1RQH
'UDZGRWVVSUHDGRXWDFURVVWKHFKDONERDUG7KLQNDERXWKRZ\RXZDQWWKHÀQDOSLFWXUHVHHQH[W
SDJHWRORRNWRSODQ\RXUOD\RXW:KHQ\RXDGGVWULQJVDQGDUURZVWRWKHSLFWXUHEHVXUHWKH\DUH
FOHDUO\YLVLEOHIRUH[DPSOHGUDZWKHPXVLQJWKHVLGHRIDVPDOOSLHFHRIFKDON
%HJLQWKHIROORZLQJGLVFXVVLRQZLWK\RXUVWXGHQWV
7
,KDYHGUDZQVRPHGRWVVRPHDUHIRUFKLOGUHQ
VRPHDUHIRUVWRU\ERRNV&RXQWWKHPZLWKPH
+RZPDQ\GRWVDUHWKHUH"
6
$VNDYROXQWHHUWRFKHFNWKLVDQVZHUE\FRXQWLQJWKHGRWVDQGSRLQWLQJWRHDFKRQH7KHQDVNWKH
YROXQWHHUWRSRLQWWRRQWKHQXPEHUOLQHZKLOHWKHRWKHUVÀQGRQWKHLUGHVNQXPEHUOLQHV
:ULWHRQWKHERDUG
7
:KDWDUHWKHGRWVIRU"
6
6WRU\ERRNVRUFKLOGUHQ
'UDZDVWULQJDURXQGIRXURIWKHGRWV
7
7KHGRWVLQVLGHWKHVWULQJDUHIRUWKH
FKLOGUHQ+RZPDQ\FKLOGUHQDUHWKHUH"
6
)RXU
$VNHYHU\RQHWRVKRZIRXUÀQJHUVDQGWKHQSRLQWWRRQWKHLUGHVNQXPEHUOLQHV:ULWH´FKLOGUHQµ
QH[WWRWKHSLFWXUH
7
+RZPDQ\VWRU\ERRNVDUHWKHUH"+RZGR\RXNQRZ"
6
7HQWKHUHDUHGRWVRXWVLGHWKHVWULQJ
-&.,
D+*
$VNHYHU\RQHWRVKRZWHQÀQJHUVDQGWKHQSRLQWWRRQWKHLUGHVNQXPEHUOLQHV:ULWH
´VWRU\ERRNVµQH[WWRWKHSLFWXUH6HOHFWIRXUVWXGHQWVWRDFWRXWGLVWULEXWLQJVWRU\ERRNVWR
VWXGHQWV,QVWUXFWHDFKRIWKHIRXUVWXGHQWVWRFRXQWWKHERRNVWKH\UHFHLYH
7
6
/HW·VVKRZKRZZHJDYHVWRU\ERRNVWRWKHVHFKLOGUHQ
-RKQKRZPDQ\VWRU\ERRNVGLG\RXJHW"
7
&DQZHGUDZDQDUURZWRVKRZWKLV"
2QH
:KLOHWKHFODVVZDWFKHVDVNWKHVWXGHQWWRWUDFH
DQDUURZXVLQJDSRLQWHURUDÀQJHU'UDZWKH
DUURZ\RXUVHOI
3TORYBOOKS
#HILDREN
&RQWLQXHZLWKWKHRWKHUVWXGHQWV
7
0DULDKRZPDQ\VWRU\ERRNVGLG
\RXJHW"
/HW0DULDWUDFHDUURZVWRKHUVWRU\ERRNVEXWRQFH
DJDLQ\RXVKRXOGDFWXDOO\GUDZWKHP5HSHDWWKLV
SURFHVVZLWKWZRRWKHUVWXGHQWV
7
/RRNFDUHIXOO\DWRXUSLFWXUH
'RHVHDFKFKLOGKDYHVWRU\ERRNV"
'RHVHDFKFKLOGKDYHWKHVDPHQXPEHU
RIVWRU\ERRNV"
:KRKDVWKHPRVW"
:KRKDVWKHIHZHVW"
3TORYBOOKS
#HILDREN
5HSHDWWKHDERYHDFWLYLW\ZLWKVWXGHQWVZRUNLQJLQJURXSVRIIRXU*LYHHDFKVWXGHQWLQDJURXS
VRPHREMHFWVHJFRXQWHUVRUFKHFNHUV7KHQDVNWKHJURXSVWRGUDZDSLFWXUHRIWKHZD\\RXJDYH
WKHREMHFWVWRWKHP
7
-&.-
5DLVH\RXUKDQGLI\RXKDYHWKHPRVWFKHFNHUVLQ\RXUJURXS
5DLVH\RXUKDQGLI\RXKDYHWKHIHZHVWFKHFNHUV
5DLVH\RXUKDQGLI\RXKDYHWKHVDPHQXPEHURIFKHFNHUVDVVRPHRQHHOVHLQ\RXUJURXS
D++
D++HK=>K;RLBS>
<Zilne^E^llhgLnffZkr
2UGHUDFROOHFWLRQRIOLNHREMHFWV
FZm^kbZel
M^Z\a^k
‡ 1RQH
Lmn]^gm
‡ WRREMHFWVRIGLIIHULQJVL]HV
HJOHDYHVER[HVFDQVEDOOV
EXWWRQVFXSVSDSHUUROOV
‡ 0DWKMRXUQDORUSDSHU
Ghm^7KHGLIIHUHQWVL]HGLWHPVLQWKLVOHVVRQFDQHDVLO\EHPDWFKHGWRDWKHPH
>q^k\bl^*
'UDZDFLUFOHRQWKHERDUG
7
/RRNDWWKLVFLUFOH,VLWELJ"
$OORZWLPHIRUVWXGHQWVWRUHVSRQG<RXVKRXOGJHWDYDULHW\RIUHVSRQVHVDQGFRQFOXGHWKDW\RXFDQ
W
WHOOIRUVXUH
7
:HFDQ·WUHDOO\WHOO:K\LVLWKDUGWRDQVZHUWKLVTXHVWLRQ"
$JDLQDOORZWLPHIRUVWXGHQWV·FRPPHQWV,IQRRQHPHQWLRQVLWVXJJHVW\RXFDQ·WWHOOEHFDXVH\RX
GRQ·WNQRZZKDWWRFRPSDUHWKHFLUFOHWR
'UDZDPXFKVPDOOHUFLUFOHQH[WWRWKHÀUVWRQH
7
1RZFDQZHWHOOLIWKHÀUVWFLUFOHLVELJ"
6
<HVLWLVELJFRPSDUHGWRWKHRWKHUFLUFOH
(UDVHWKHERDUG'UDZDVTXDUHDQGDVNWKHVWXGHQWVDERXWLWVVL]H
7
,VWKLVVTXDUHVPDOO"
$JDLQDOORZWLPHIRUVWXGHQWVWRUHVSRQGFRQFOXGLQJWKDWWKH\FDQ
WWHOOEHFDXVHWKH\GRQ·WNQRZ
ZKDWWRFRPSDUHLWWR
'UDZDPXFKODUJHUVTXDUHQH[WWRWKHÀUVWRQH
7
1RZFDQZHWHOOLIWKHÀUVWVTXDUHLVVPDOO"
6
<HVFRPSDUHGWRWKDWVTXDUHLWLVVPDOO
-&..
D++
>q^k\bl^+
3URYLGHHDFKVWXGHQWRUSDLURIVWXGHQWVZLWKDVHWRIIRXUWRVL[VLPLODUREMHFWV3RVHWKHIROORZLQJ
TXHVWLRQVWRWKHFODVV
7
:KDWGR\RXQRWLFHDERXW\RXUREMHFWV"+RZDUH\RXUREMHFWVDOLNH"
+RZDUHWKH\GLIIHUHQW"
7DNHUHVSRQVHVIURPVHYHUDOLQGLYLGXDOVRUSDLUV
7
1RZSXW\RXUREMHFWVLQRUGHUIURPWKHVPDOOHVWWRODUJHVWVKRUWHVWWRWDOOHVWRUORQJHVW
DQGVRRQ
$OORZDIHZPLQXWHVIRUWKLVWREHGRQH7KHQDVNVWXGHQWVWRUHFRUGWKHRUGHULQJLQWKHLUPDWK
MRXUQDOVRURQSDSHU%HIRUHHQGLQJWKHOHVVRQDVNVRPHTXHVWLRQVDERXWRWKHUZD\VWRRUGHUWKH
REMHFWV
7
,VWKHUHDQ\RWKHUZD\WRDUUDQJH\RXUREMHFWV"
'LG\RXKDYHDQ\REMHFWVWKDWZHUHRIHTXDORUWKHVDPHVL]H"
3XWVWXGHQWVZLWKVLPLODUREMHFWVLQJURXSVRIIRXUWRVL[7KHQDVNWKHJURXSVWRFRPELQHWKHLU
REMHFWVDQGRUGHUDOORIWKHREMHFWV
-&./
D+,
D+,GNF>K:EPKBMBG@*
<Zilne^E^llhgLnffZkr
8VHDYDULHW\RIPHWKRGVWRDVVLVWVWXGHQWVLQZULWLQJQXPHUDOVWKURXJK
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJVRQJRUFRXQWLQJERRN
Lmn]^gm
‡ 0DWKMRXUQDORUSDSHU
‡ &RORUHGSHQFLOVRUFUD\RQV
Ghm^7KLVVKRUWQXPHUDOZULWLQJDFWLYLW\FDQEHUHSHDWHGDWYDULRXVWLPHVWKURXJKRXWWKH\HDUYDU\LQJWKH
QXPEHUVDQGWKHPDWHULDOV
6SHQGÀYHWRWHQPLQXWHVWHDFKLQJVWXGHQWVDFRXQWLQJVRQJVXFKDV2QH(OHSKDQW:HQW2XWWR3OD\
RU2QHWR7HQRUUHDGLQJDFRXQWLQJERRNIURPWKHOLWHUDWXUHOLVW
$VNHYHU\RQHWRVKRZRQHÀQJHUZLWKWKHLUSRLQWHUÀQJHUWKHQWRSRLQWWRRQWKHLUGHVNQXPEHU
OLQH,QVWUXFWHYHU\RQHWRWUDFHDLQWKHDLUZKLOH\RXSRLQWWRLQDFODVVURRPQXPEHUGLVSOD\
7
:DWFKDV,ZULWHRQWKHERDUG2Q\RXUSDSHUGUDZRQHUHGGRWWKHQZULWHDEHDXWLIXO
UHGQH[WWRLW
5HSHDWWKLVSURFHVVZLWKWKHQXPEHUV²SHUKDSVXVLQJGLIIHUHQWFRORUVIRUGLIIHUHQWQXPEHUV
/HWVWXGHQWVSUDFWLFHZULWLQJDOOWKHQXPEHUVIURPWRLQWKHLUPDWKMRXUQDOVRURQSDSHU
3XWVRPHRIWKHIROORZLQJPDWHULDOVLQFHQWHUVWRXVHIRUIXUWKHUQXPHUDOZULWLQJSUDFWLFH
‡ 3OD\GRXJKRUFOD\5ROODVSHFLÀFQXPEHURIEDOOVRIFOD\RUPDNHDQXPEHURXWRIFOD\
‡ 6KDYLQJFUHDPFRUQPHDOÁRXUVDQG0DNHDVSHFLÀHGQXPEHURIGRWVRXWRIRQHRIWKHVH
PDWHULDOVRUZULWHDQXPEHUZLWKLW
‡ ,QGLYLGXDOFKDONERDUGV'UDZDVSHFLÀFQXPEHURIREMHFWVRQWKHERDUGRUZULWHDQXPEHU
RQWKHFKDONERDUG
‡ 3LSHFOHDQHUV&RXQWRXWDVSHFLÀHGQXPEHURISLSHFOHDQHUVRUEHQGRQHWRIRUPDQXPEHU
-&.0
-&.1
D+-
D+-D:&;EH<DL+
<Zilne^E^llhgLnffZkr
,GHQWLI\.$EORFNVZLWKVKDSHVRILWHPVLQWKHFODVVURRPDQGLQDERRN,QIUHH
H[SORUDWLRQZLWK.$EORFNVGLVWLQJXLVKDVSHFWVRIVL]HVKDSHDQGFRORU
FZm^kbZel
M^Z\a^k
‡ 6KDSHV6KDSHV6KDSHVE\7DQD
+REDQRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ .$EORFNV
Lmn]^gm
‡ .$EORFNV
>q^k\bl^*
3URYLGHHDFKVWXGHQWZLWKDVHWRI.$EORFNVDQGVSDFHLQIURQWRIWKHPWROD\RXWWKHSLHFHV3RLQW
WRVRPHWKLQJLQWKHFODVVURRPDQGDVNVWXGHQWVWRKROGXSWKDWVKDSHIURPWKHLU.$EORFNV5HSHDW
WKLVZLWKVHYHUDOLWHPVLQWKHFODVVURRP7KHQVKRZWKHFODVVWKHVWRU\ERRN6KDSHV6KDSHV6KDSHV
6KRZWKHFODVVWKHÀUVWSLFWXUHLQWKHVWRU\ERRNDQGDVNVWXGHQWVWRORFDWHDVKDSHWKDWWKH\VHHLQWKH
SLFWXUHIURPWKHLU.$EORFNV'LVFXVVWKHGLIIHUHQWVKDSHV&RQWLQXHWKLVDFWLYLW\ZLWKRWKHUSDJHV
LQWKHERRN
>q^k\bl^+
/HWVWXGHQWVNQRZWKH\FDQXVHWKH.$EORFNVWREXLOGWKLQJVRUFUHDWHGHVLJQVDQGWKHQSURYLGH
WLPHIRUWKHPWRVLPSO\SOD\ZLWKWKHEORFNV7HOOWKHFODVVDV\RXZDONDURXQG\RXZLOOORRNIRU
VRPHEHDXWLIXOGHVLJQVRULQWHUHVWLQJWKLQJVWKDWWKH\DUHEXLOGLQJ,IWKHVWXGHQWVZDQWWRWDONZLWK
\RXRUZLWKWKHLUIULHQGVDERXWZKDWWKH\DUHGRLQJWKH\VKRXOGEHHQFRXUDJHGWRGRVR
$V\RXDUHZDONLQJDURXQGWKHURRPPDNHDSRLQWRIDVNLQJVRPHTXHVWLRQVLQDFDVXDOPDQQHUEXW
LQDVSLULWRIJHQXLQHFXULRVLW\,QDGGLWLRQWRFKHFNLQJRQFRORUVDQGQXPEHURIVLGHVRUFRUQHUV
VRPHSURELQJTXHVWLRQVFDQEHDVNHG)RUH[DPSOH
7
7HOOPHZKDW\RXDUHPDNLQJ
7HOOPHDERXWVRPHRIWKHVKDSHV\RX·UHXVLQJ
'RHVWKLVSLHFHKDYHWKHVDPHQXPEHURIVLGHVDVLWKDVFRUQHUV"
:KLFKRIWKHVHWZRSLHFHVKDVPRUHVLGHV"
:KLFKRIWKHVHWZRSLHFHVKDVIHZHUFRUQHUV"
&DQVRPHRIWKHVHSLHFHVEHSXWWRJHWKHUWRÀWRQWRWKLVSLHFH"+RZPDQ\"
$UHDOOWKHVLGHVRIWKLVSLHFHWKHVDPHVL]H"
+RZGLG\RXGHFLGHWRXVHWKRVHSLHFHV"
-&.2
D+6HH/HVVRQ.IRUVRPHDGGLWLRQDOQRWHVDERXWIUHHH[SORUDWLRQZLWK.$EORFNV
)UHHSOD\DFWLYLWLHVPD\LQFOXGHVRPHGUDZLQJDQGFRORULQJLQPDWKMRXUQDOVVHH/HVVRQ.)RU
H[DPSOHVWXGHQWVPD\XVHWKH.$EORFNVDVWHPSODWHVWRWUDFHDURXQGDQGPDNHDSLFWXUHXVLQJ
PDQ\GLIIHUHQWVKDSHV
-&/)
D+.
D+.@>H;H:K=L+
<Zilne^E^llhgLnffZkr
8VHWKHJHRERDUGWRH[SORUHVTXDUHVDQGGHVLJQVPDGHZLWKVHYHUDOVTXDUHV
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGJHRERDUGDQG
JHREDQGV
‡ &DUGERDUGVTXDUH.$EORFN
VTXDUH
Lmn]^gm
‡ *HRERDUGDQGJHREDQGV
Ghm^3,I\RXGRQRWKDYHDFODVVURRPVHWRIJHRERDUGVWKLVDFWLYLW\PD\EHGRQHDWDFHQWHU
6SHQGDIHZPLQXWHVUHYLHZLQJWKHGLVFXVVLRQDERXWJHRERDUGVDQGJHREDQGVIURP/HVVRQ.
'LVWULEXWHJHRERDUGVDQGJHREDQGVWRSDLUVRIVWXGHQWV$OORZPLQXWHVIRUIUHHH[SORUDWLRQ
'XULQJWKLVWLPHFKHFNWKDWLQGLYLGXDOVWXGHQWVNQRZKRZWRSXWRQDQGWDNHRIIJHREDQGVVDIHO\
:KHQ\RXDUHUHDG\FDOOWKHFODVVEDFNWRDWWHQWLRQDQGEHJLQDPRUHGLUHFWHGH[SORUDWLRQ+ROGXSD
FDUGERDUGVTXDUHIRUH[DPSOHD.$EORFNVTXDUH
7
:KDWVKDSHLVWKLV"6TXDUH
:KDWGR\RXQRWLFHDERXWDVTXDUH"
(QFRXUDJHREVHUYDWLRQVVXFKDVLWKDVIRXUVLGHVDQGIRXUFRUQHUVWKHVLGHVDUHDOOWKHVDPHOHQJWK
DQGWKHFRUQHUVDUHDOOWKHVDPH
7
8VHRQHJHREDQGDQGPDNHDVTXDUHDVKDSHOLNHWKLVRQ\RXUJHRERDUG
$VVWXGHQWVPDNHVKDSHVKROGXSVRPHH[DPSOHVWRFRPPHQWRQVL]HDQGSRVLWLRQRIVTXDUHVRQWKH
JHRERDUG
1H[WGLUHFWHDFKVWXGHQWSDLUWRXVHIRXUJHREDQGVWZRSHUVWXGHQWWRPDNHDGHVLJQRQWKHLU
JHRERDUG6XJJHVWWKH\PDNHDVTXDUHZLWKHDFKJHREDQGDQGWDNHWXUQVSXWWLQJRQWKHLUEDQGV7KH
IROORZLQJVKRZVH[DPSOHVRIVWXGHQWSDLUV·UHVXOWLQJGHVLJQV
<RXPD\OLNHWROHWVRPHVWXGHQWSDLUVVKRZWKHLUGHVLJQVWRWKHUHVWRIWKHFODVV
-&/*
D+.
/HWVWXGHQWVFRQWLQXHWRSOD\IUHHO\ZLWKWKHJHRERDUGVXQWLO\RXDUHUHDG\WRHQGWKHDFWLYLW\$V
ZLWKDQ\PDQLSXODWLYHPDWHULDODOORZFOHDQXSWLPHDWWKHHQGRIWKHFODVV
<RXPD\OLNHWRUHSHDWWKLVOHVVRQVHYHUDOWLPHVXVLQJGLIIHUHQWVKDSHVVXFKDVDWULDQJOHDUHFWDQJOH
RUDSHQWDJRQ
-&/+
D+/
D+/A:IIR?BLA*
<Zilne^E^llhgLnffZkr
6KRZÀYHÀVKLQDÀVKERZOE\SXWWLQJÀVKLQWDNLQJWKHPRXWRUOHDYLQJWKHPDORQH
FZm^kbZel
M^Z\a^k
‡ 2QH)LVK7ZR)LVK5HG)LVK
%OXH)LVKE\'U6HXVV%OXH
6HDE\5REHUW.DODQRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ *ROGÀVKFUDFNHUVRUFRXQWHUV
‡ )LVKERZOSDSHU
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WRPDNHFRSLHVRIDÀVKERZOIRUVWXGHQWV
>q^k\bl^*
5HDG2QH)LVK7ZR)LVK5HG)LVK%OXH)LVKE\'U6HXVV%OXH6HDE\5REHUW.DODQRUDQRWKHU
OLWHUDWXUHVHOHFWLRQ<RXPD\ZLVKWRXVHWKHFRXQWLQJVRQJ)LVK6WRU\IURPWKHOLVWLQ.
>q^k\bl^+3AZiir?bla
7
2QHRIP\IULHQGVRZQVDSHWVKRSWKDWVSHFLDOL]HVLQDOONLQGVRIÀVK$V\RXNQRZÀVK
QHHGWRKDYHORWVRIZDWHUDQGVZLPPLQJURRPLIWKH\DUHWREHKHDOWK\DQGKDSS\6RP\
IULHQGLVYHU\FRQFHUQHGDERXWKRZPDQ\ÀVKDUHLQHDFKERZO+HKDVGHFLGHGWKDWWKHUH
VKRXOGEHH[DFWO\ÀYHÀVKLQHDFKERZO:ULWHRQWKHERDUG7KHUHLVRQO\RQHSUREOHP
0\IULHQGKDVDQLHFH-RG\6KHORYHVWRKHOSKLPFOHDQRXWWKHERZOVDQGFKDQJHWKH
ZDWHUEXWVKHFDQ·WFRXQWYHU\ZHOO/RRNKHUHLVWKHÀUVWERZOVKHFOHDQHG\HVWHUGD\
7KHFKHFNHUVGRWVDUHIRUÀVK
'UDZDÀVKERZORUDVWULQJDQGSODFHPDJQHWLFFKHFNHUVLQLWLIWKLVLVQRWSRVVLEOHGUDZGRWV
LQVWHDG:ULWHQHDUWKHSLFWXUH
7KHVWXGHQWVZLOOSUREDEO\QRWLFHWKDWWKLVERZOGRHVQ·WFRQWDLQÀYHÀVK$VNWKHPLIWKH\FDQKHOS
-RG\,IQHFHVVDU\DVNTXHVWLRQVVXFKDV
7
+RZPDQ\ÀVKDUHWKHUHLQWKLVERZO"7KUHH
,VWKDWWRRPDQ\RUQRWHQRXJK"1RWHQRXJK
:KDWVKRXOG-RG\GR"$GGWZRÀVK
-&/,
D+/
&KRRVHDVWXGHQWWRDGGFKHFNHUVRUGUDZWZRPRUHGRWVLQVLGHWKHVWULQJ:ULWH RQWKH
ERDUG'RQRWHPSKDVL]HWKHQXPEHUVHQWHQFH
7
7KUHHSOXVWZRLVÀYH
*LYHVWXGHQWVFRXQWHUVRUÀVKFUDFNHUVDQGDÀVKERZOSDSHUWRXVHDWWKHLURZQGHVNV'LUHFWWKHP
WRGRZKDW\RXGRRQWKHERDUG'UDZDVHFRQGVWULQJÀVKERZODQGVORZO\SXWVL[FKHFNHUVLQVLGH
WKLVVHFRQGÀVKERZO
7
+HUHLVDVHFRQGERZOZLWKWKHÀVK-RG\SXWLQ:KDWGR\RXWKLQN"
6
6KHSXWLQWRRPDQ\ÀVK6KHSXWLQQRW
7
:KDWVKRXOG-RG\GR"
6
7DNHRQHRXW
:KHQWKLVKDVEHHQGRQHZULWH² RQWKHERDUGDQGGUDZDWKLUGVWULQJ7HOOWKHVWXGHQWVWR
HPSW\WKHLUÀVKERZOVDQGJHWUHDG\WRIROORZZKDW\RXGRRQWKHERDUG
7
+HUHLV-RG\·VWKLUGWU\
6ORZO\SXWÀYHFKHFNHUVLQWKHWKLUGERZODQGFKHFNWKDWWKHVWXGHQWVGRVRDVZHOO
C;CCC
CCCC
7
:KDWGR\RXWKLQNDERXWWKLVÀVKERZO"+RZGLG-RG\GR"
6
7KHUHDUHÀYHÀVKLQWKLVERZO7KDW·VWKHFRUUHFWQXPEHU
7RFRUUHFWDPLVWDNHDVNDVWXGHQWWRFRXQWWKHFKHFNHUVLQWKHVWULQJEHLQJGLVFXVVHG
'LUHFWVWXGHQWVWRGUDZSLFWXUHVUHSUHVHQWLQJWKHVWRU\RI-RG\DQGWKHÀVKERZOVLQWKHLUPDWK
MRXUQDOV6WXGHQWVPD\GUDZÀVKSLFWXUHVRUXVHVWULQJVDQGGRWVWRVKRZDQ\RQHRIWKHWKUHH
ÀVKERZOV-RG\ZRUNHGZLWK(QFRXUDJHVWXGHQWVWRZULWHQXPEHUVQH[WWRWKHLUSLFWXUHV
-&/-
D+0
D+0<&KH=L+
<Zilne^E^llhgLnffZkr
5HODWHDQRUGHURI&²URGVWRDQRUGHURIDQLPDOVLQWKHVWRU\7KHUH:DVDQ2OG:RPDQ
:KR6ZDOORZHGD)O\
FZm^kbZel
M^Z\a^k
‡ 7KHUH:DVDQ2OG:RPDQ:KR
6ZDOORZHGD)O\E\6WHSKHQ
.HOORJJ
‡ &KDUWSDSHU
Lmn]^gm
‡ 6HWRI&URGV
:]oZg\^Ik^iZkZmbhg3<RXPD\OLNHWRÀQGSLFWXUHVIRUWKHDQLPDOVLQWKHVWRU\WRXVHGXULQJWKHOHVVRQ
5HDGWKHVWRU\7KHUH:DVDQ2OG:RPDQ:KR6ZDOORZHGD)O\E\6WHSKHQ.HOORJJDORXGWRWKH
FODVV
2QFKDUWSDSHUUHFRUGVWXGHQWV·UHVSRQVHVWRWKH
IROORZLQJTXHVWLRQV3ULQWWKHZRUGVDQGDVLPSOH
GUDZLQJIRUODWHUUHIHUHQFH
7
7KHROGZRPDQVZDOORZHGDORWRIDQLPDOV
:KDWGLGVKHVZDOORZÀUVW":KDWGLGVKH
VZDOORZVHFRQG"&RQWLQXHXQWLODOODQLPDOVDUH
UHFRUGHG
:KDWGR\RXQRWLFHDERXWWKHRUGHULQZKLFK
VKHVZDOORZHGWKHDQLPDOV"
6
6KHVZDOORZHGWKHOLWWOHVWRQHÀUVW
6
6KHVZDOORZHGWKHKRUVHODVW
'LVWULEXWHVHWVRI&URGVWRJURXSVRIWZRWRWKUHHVWXGHQWV
7
7RGD\ZHDUHJRLQJWRPDWFK&URGVZLWKWKH
DQLPDOVLQWKHVWRU\:KLFKURGVKRXOG
EHIRUWKHÁ\"
6
7KHZKLWHRQHURG
6
7KHOLWWOHVWRQH
7
3ODFHWKDWURGLQIURQWRI\RX
:KLFKURGVKRXOGEHIRUWKHVSLGHU"5HG
3XWWKDWURGQH[WWRWKHÀUVWURG
4HEREWASAN/LD7OMAN7HO3WALLOWEDA&LY
4HERE7ASAN/LD7OMAN7HO3WALLOWEDA&LY
&LY
3PIDER
"IRD
#AT
$OG
'OAT
#OW
(ORSE
&RQWLQXHXQWLODOORIWKHDQLPDOVDUHPDWFKHGZLWKD&URG
-&/.
D+0
7
:KDWGR\RXQRWLFHDERXWWKHURGVDQGWKHDQLPDOVIURPWKHVWRU\"
6
7KHURGVJRIURPOLWWOHWRELJOLNHWKHDQLPDOV
6
:HGLGQ·WXVHWZRRIWKHURGV
,IVWXGHQWVOLNHWU\DGGLQJWZRHYHQELJJHUDQLPDOVWRPDWFKZLWKWKHEOXHDQGRUDQJHURGV
-&//
D+1
D+1GNF;>K<HEE:@>
<Zilne^E^llhgLnffZkr
&KRRVHQXPEHUVZULWHWKHPQDPHWKHPDQGDGGWKHPWRDFODVVFROODJH
FZm^kbZel
M^Z\a^k
‡ $QLPDO1XPEHUVE\%HUW.LWFKHQ
1XPEOHUVE\6XVH0DF'RQDOG
DQG%LOO2DNHVRUDQRWKHU
FRXQWLQJERRNIURPWKHOLWHUDWXUH
OLVW
‡ /DUJHSLHFHRISDSHUIRU
H[DPSOHIURPDÁLSFKDUW
‡ *OXH
Lmn]^gm
‡ 6HYHUDOVPDOOSDSHUUHFWDQJOHV
RURWKHUVKDSHVRIYDULRXVFRORUV
DQGVL]HV
‡ &UD\RQVIHOWWLSSHQVRUSDLQW
Ghm^,QWKLVOHVVRQVWXGHQWVDUHWRPDNHDFROODJHRXWRIQXPEHUV)HHOIUHHWRRUJDQL]HWKHDFWLYLW\DV\RX
PLJKWRWKHUFROODJHDFWLYLWLHV
5HDGDFRXQWLQJERRNDORXGWRWKHFODVVVXFKDV$QLPDO1XPEHUVE\%HUW.LWFKHQRU1XPEOHUV
E\6XVH0DF'RQDOGDQG%LOO2DNHV
+DQJDODUJHVKHHWRISDSHULQIURQWRIWKHFODVVDWDKHLJKWVWXGHQWVFDQUHDFKRUOD\LWDFURVVDODUJH
WDEOH7KHQJLYHHDFKVWXGHQWWZRRUWKUHHSDSHUUHFWDQJOHVRURWKHUVKDSHV$VNWKHVWXGHQWVWR
ZULWHDQXPEHURQHDFKSLHFHRISDSHU$VORQJDVWKH\FDQZULWHLWDQGQDPHLWWKH\PD\FKRRVHDQ\
QXPEHUDQGZULWHLWLQDQ\FRORUDVODUJHRUVPDOODVWKH\OLNH<RXPD\ZDQWWRVXJJHVWDUDQJHIRU
H[DPSOHIURPWRWRUHGXFHWKHVL]HRISRVVLEOHQXPEHUVDQGWRIRFXVWKHVWXGHQWV
7KHQDVNHYHU\RQHZKRKDVZULWWHQDWRFRPHWRWKHIURQWRIWKHFODVVDQGJOXHWKHSLHFHRI
SDSHUZLWKDRQLWWRWKHELJVKHHWRISDSHU3URFHHGLQDVLPLODUIDVKLRQIRUWKRVHVWXGHQWVZKR
KDYHZULWWHQDDDQGVRRQXQWLO\RXUHDFKWKRVHZKRKDYHZULWWHQD,WLVQRWQHFHVVDU\IRU
VWXGHQWVWRJOXHWKHLUQXPEHUVRQWKHSDSHULQDQ\SDUWLFXODURUGHU
)LQDOO\DVNVWXGHQWVZKRVWLOOKDYHQRWJOXHGDOOWKHLUSLHFHVRISDSHUWRWKHELJVKHHWWRVKRZWKH
UHPDLQLQJQXPEHUVRQHE\RQH$VNWKHPWRUHDGWKHQXPEHUZLWKKHOSLIQHFHVVDU\DQGJOXHLWWR
WKHELJVKHHW
$VNVWXGHQWVWRFXWRXWRQHÁRZHUWZREXJVWKUHHFDUVDQGVRRQIURPPDJD]LQHVDQGWRDGGWKHP
WRWKHFROODJHQH[WWRWKHDSSURSULDWHZULWWHQQXPEHU
-&/0
-&/1
D+2
D+2MA>SHH
<Zilne^E^llhgLnffZkr
6RUWDQGJURXSDQLPDOVXVLQJDGRWSLFWXUH0DWFKQXPHUDOVWRVHWV
FZm^kbZel
M^Z\a^k
‡ /LWHUDWXUHVHOHFWLRQRUFRXQWLQJ
VRQJ2QH2QH²7KH=RRLV/RWV
RI)XQ
‡ &RORUHGFKDON
‡ /DUJHVWULQJORRSV
‡ $QLPDOODEHOV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg36HOHFWDERRNDERXWWKH]RRVXFKDV6DP:KR1HYHU)RUJHWVE\(YH5LFHRU'HDU
=RRE\5RG&DPSEHOORU3XW0HLQWKH=RRE\5REHUW/RSVKLUH0DNHDQLPDOODEHOVDVWKHFODVVGLVFXVVHV
GLIIHUHQWDQLPDOVGXULQJWKHOHVVRQ
>q^k\bl^*
6WDUWWKHOHVVRQE\GLVFXVVLQJDQHDUE\]RR5HDGWKH]RRERRN\RXKDYHVHOHFWHGDORXGDQGRUWHDFK
DFRXQWLQJVRQJVXFKDV2QH2QH³7KH=RRLV/RWVRI)XQ
'LVFXVVZLWKWKHFODVVVL[RUVHYHQNLQGVRIDQLPDOVWKDWOLYHLQD]RR$V\RXGLVFXVVWKHDQLPDOV
PDNHODEHOVWRJLYHVWXGHQWVDQGGLUHFWWKRVHZLWKWKHVDPHDQLPDOWRVWDQGWRJHWKHU6WXGHQWVPD\
OLNHWRDFWRXWWKHLUSDUWLFXODUDQLPDO9DU\WKHQXPEHURIDQLPDOVLQHDFKJURXSIRUH[DPSOHÀYH
JLUDIIHVWKUHHWLJHUVDQGVRRQ
>q^k\bl^+
'UDZRQHGRWIRUHDFKVWXGHQWZHOOVSDFHGDFURVVWKHFKDONERDUG
7
(DFKGRWLVIRUDQDQLPDO+RZPDQ\DQLPDOVDUHWKHUH"
7KHQXPEHUZLOOYDU\ZLWKFODVVVL]HIRUH[DPSOH
&DOORQVWXGHQWVWRFRPHWRWKHERDUGDQGFRXQWWKHGRWVXVLQJDSRLQWHU(QFRXUDJHGLIIHUHQW
VWXGHQWVWRVWDUWFRXQWLQJIURPGLIIHUHQWGRWV$OORZWKHUHVWRIWKHFODVVWRJLYHYHUEDODVVLVWDQFHWR
WKHRQHZKRLVGRLQJWKHFRXQWLQJ
-&/2
D+2
7
<RXDUHHDFKKROGLQJWKHQDPHRIDQDQLPDO$OWRJHWKHUWKHUHDUHDQLPDOV
$VNVRPHRQHWRSRLQWWRRQWKHQXPEHUOLQHRUWKH²QXPHUDOFKDUW:ULWHRQWKHERDUG
7
+RZFDQZHVKRZWKDWDOOWKHEHDUVDUHWRJHWKHU"
6WXGHQWVPD\VXJJHVWVXUURXQGLQJWKHEHDUVZLWKVWULQJORRSV'RWKLVJURXSLQJWKHVDPHDQLPDOV
WRJHWKHU2QFHDOOWKHDQLPDOVDUHVLPLODUO\JURXSHGOHWVWXGHQWVKHOS\RXGUDZWKHVWULQJVRQWKH
ERDUGLQWKHGRWSLFWXUH
7
+RZFDQZHPDNHRXUGRWSLFWXUHORRNOLNHKRZ\RXDUHJURXSHG"
+RZPDQ\EHDUVGRZHKDYH"
&RXQWDQGGUDZZLWKFRORUHGFKDONDFRUUHVSRQGLQJVWULQJDURXQGWKDWPDQ\GRWV&RQWLQXHZLWKWKH
RWKHUNLQGVRIDQLPDOV$VHDFKJURXS·VVWULQJLVGUDZQWKDWJURXSFDQVLWGRZQ
$VNTXHVWLRQVDERXWWKHFRPSOHWHGGUDZLQJ$GMXVWWKHIROORZLQJGLDORJXHWRFRUUHVSRQGWRWKH
SLFWXUHFUHDWHGE\\RXUFODVV
7
7KHUHDUHH[DFWO\WKUHHOLRQV&RXOGWKHOLRQVFRPHWRWKHERDUGDQGSRLQWWRWKHLU
GRWV",QWKHEOXHVWULQJ
6KRZPHWKUHHÀQJHUVDQGSRLQWWRLQRXUGLVSOD\RIQXPEHUV
:KRFDQZULWHRQWKHERDUG"
7KHHOHSKDQWV³DQGQRRWKHUDQLPDOV³DUHLQWKH\HOORZVWULQJ
+RZPDQ\HOHSKDQWVDUHWKHUH")LYH
6KRZPHÀYHÀQJHUVDQGSRLQWWRLQRXUGLVSOD\RIQXPEHUV
7KHUHDUHH[DFWO\IRXUWLJHUVLQWKLV]RR7KH\DUHDOOLQWKHVDPHDUHDDQGRIFRXUVHQR
RWKHUDQLPDOVOLYHLQWKDWDUHDZLWKWKHP&DQ\RXVHHWKHIRXUWLJHUV",QWKHJUHHQVWULQJ
,VWKHUHDVWULQJWKDWKDVVL[DQLPDOVLQLW"<HVWKHUHGRQH
,VWKHUHDVWULQJWKDWKDVVHYHQDQLPDOVLQLW"1R
$UHWKHUHWZRVWULQJVWKDWKDYHWKHVDPHQXPEHURIDQLPDOVLQWKHP"<HVWKH\HOORZ
DQGWKHSXUSOH
6KRZPHWKHVWULQJWKDWKDVWKHPRVWDQLPDOVLQLW7KHUHGRQH
+RZPDQ\DQLPDOVDUHLQWKLVVWULQJ"6L[7DSVL[WLPHVRQ\RXUGHVN
(UDVHDOOWKHVWULQJVEXWWKHUHGRQHZKLOH\RXH[SODLQZKDWKDSSHQVDWWKLV]RRLQWKHHYHQLQJ
-&0)
D+2
7
7KLVLVDUDWKHUVSHFLDO]RR,QWKHHYHQLQJWKH]RRNHHSHURSHQVWKHGLIIHUHQWDUHDVDQGOHWV
WKHDQLPDOVUXQIUHHLQWKHSDUN%XWWKHVHDOVZKLFKDUHKHUHSRLQWWRWKHGRWVLQWKHUHG
VWULQJSUHIHUWRVWD\LQWKHLUDUHDVRWKDWWKH\FDQEHQHDUWKHLUSRRO$OOWKHRWKHUDQLPDOV
ORYHWREHRXWRIWKHLUDUHDVVRWKDWWKH\FDQUXQDQGMXPSDOORYHUWKHSDUN
$V\RXVD\WKHVHZRUGVHUDVHDOOWKHVWULQJVEXWWKHUHGRQHOHWWLQJDOOWKHDQLPDOVH[FHSWWKHVHDOV
JHWRXWRIWKHLUVWULQJV
7
+RZPDQ\DQLPDOVDUHRXWRIWKHLUDUHD"
+RZPDQ\DQLPDOVSUHIHUWRVWD\LQWKHLUDUHDV"
+RZPDQ\DQLPDOVDUHWKHUHDOWRJHWKHU"
,QVWUXFWVWXGHQWVWRFUHDWHD]RRSLFWXUHLQWKHLUPDWKMRXUQDOV7HOOWKHPWKH\FDQXVHGRWVWRVWDQG
IRUWKHDQLPDOVRUGUDZSLFWXUHVWKDWORRNOLNHWKHDQLPDOV$IWHUDIHZPLQXWHVVKDUHVRPHRIWKH
SLFWXUHVZLWKWKHZKROHFODVV
-&0*
-&0+
D,):=CNLMF>GM(:LL>LLF>GM=:R,
D,)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHZKROH
FODVV0DQ\RIWKHVHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\
DQGRUWKHQXPEHUVLQWKHOHVVRQ/HVVRQV.2UGHUE\6L]HDQG.)RUPLQJ1XPHUDOVFRXOGEH
DOWHUHGLQWKLVZD\7KLVLVDOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI
\RXUFKRLFH
7KHIROORZLQJJDPHDFWLYLWLHVPD\EHDSSURSULDWHIRUZRUNLQJZLWKVWXGHQWVRQWKHLUQXPHULFDO
UHDGLQHVV
Gnf^kZe<Zk]Lan_Ü^
8VHWKHQXPHUDOFDUGVIURPWR6KXIÁHWKHP7KHQDVNDVWXGHQWWRDUUDQJHWKHPLQRUGHU
5HSHDWZLWKRWKHUVWXGHQWV
=hm<Zk]%Gnf^kZe<Zk]%<hngm^kFZm\a
3XWVWXGHQWVLQJURXSVRIWKUHHHDFKJURXSKDYLQJDVHWRIGRWFDUGVQXPHUDOFDUGVDQGFRXQWHUV
2QHVWXGHQWFKRRVHVDGRWFDUG$VHFRQGVWXGHQWVHOHFWVVRPHFRXQWHUVWR´PDWFKµWKHGRWFDUG
VDPHQXPEHU7KHWKLUGVWXGHQWVHOHFWVDQXPHUDOFDUGIRUWKHVDPHQXPEHU'LUHFWVWXGHQWVWR
WDNHWXUQVEHLQJUHVSRQVLEOHIRUHDFKVHWGRWFDUGVFRXQWHUVQXPHUDOFDUGV
7KLVDFWLYLW\FDQEHYDULHGE\FKRRVLQJIURPWKHVHWVLQDGLIIHUHQWRUGHUHJQXPHUDOFDUGWKHQGRW
FDUGWKHQFRXQWHUV
Gnf^kZe<Zk]Mpblm^k
6FDWWHUVHYHUDOQXPHUDOFDUGVRQWKHÁRRUDQGWDSHWKHPGRZQDERXWRQHIRRWRUFHQWLPHWHUV
DSDUW'LUHFWDVWXGHQWWRSODFHYDULRXVSDUWVRIKLVRUKHUERG\RQGLIIHUHQWQXPEHUV)RUH[DPSOH
SXWRQHIRRWRQDQGRQHKDQGRQ
<hehk;rGnf[^k
7KHUHDUHPDQ\FRORUE\QXPEHUERRNVDYDLODEOHIURPZKLFK\RXPD\VHOHFWSLFWXUHVIRUVWXGHQWVWR
FRORUXVLQJQXPEHUFRORUFRUUHVSRQGHQFH%ODFNOLQHV.D²GKDYHRWKHUH[DPSOHVRIFRORUE\
QXPEHUSLFWXUHV,QWKHVHH[DPSOHVWKHWKLQJLQWKHSLFWXUHLVQRWREYLRXVXQWLODIWHULWLVFRORUHGVR
FRORULQJZLOOKHOSVWXGHQWVDQVZHUWKHTXHVWLRQ:KDWLVLW"
:ll^llf^gm3<RXPD\ZLVKWRXVHWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²NWRQRWH
VWXGHQWV·QXPHUDOUHFRJQLWLRQDQGRUGHULQJVNLOOV
-&0,
D,)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.&5RGV&URGVIRUVWXGHQWV
.1XWV2YHU*UDSKLQJ6XIÀFLHQWTXDQWLWLHVRIWKUHHGLIIHUHQWW\SHVRIQXWVHJSHDQXWV
FDVKHZVDOPRQGVSLVWDFKLRVÀOEHUWVDQGVRRQRURWKHUJUDSKLQJPDWHULDOVWKUHH
FROXPQJUDSK
.&RQVWUXFWLQJ3DWWHUQV&ODS6QDS7DSYLVXDODLGHFDUGV8QLÀ[ŠFXEHV
.(OHFWURQLF7RROV(OHFWURQLFZDWFKDQGFDOFXODWRUPDJD]LQHVFDWDORJVDGYHUWLVHPHQWV
FKDUWSDSHUJOXHVFLVVRUV
.:D\VWR0DNH(LJKW(LJKWLGHQWLFDOODUJHREMHFWVVPDOOEORFNVRUFRXQWHUV
.&DOFXODWRU,QWURGXFWLRQ2YHUKHDGFDOFXODWRURUFDOFXODWRUSRVWHUVWXGHQWFDOFXODWRUV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUHRUÀQJHUSOD\V.....
-&0-
D,*
D,*<&KH=L,
<Zilne^E^llhgLnffZkr
8VH&URGVWRUHLQIRUFHFRPSDULVRQVDQGFRXQWLQJ,QWURGXFHFRPELQLQJVHWV
FZm^kbZel
M^Z\a^k
‡ 7KLV2OG0DQRUDQRWKHU
FRXQWLQJVRQJ
‡ 'HPRQVWUDWLRQ&URGV
‡ &RORUHGFKDON
Lmn]^gm
‡ &URGV
:]oZg\^Ik^iZkZmbhg3'HPRQVWUDWLRQ&URGVDUHHQODUJHGFRSLHVRIWKHURGVFRPPRQO\FDOOHG
&XLVHQDLUHURGV%ODFNOLQH.FDQEHXVHGWRPDNHDVHWRIGHPRQVWUDWLRQ&URGV,I\RXKDYHURGVPDGH
E\DGLIIHUHQWPDQXIDFWXUHU\RXZLOOQHHGWRDGMXVWWKHFRORUVWRFRUUHVSRQG3UHSDUHWKHGHPRQVWUDWLRQ
&URGVWRXVHRQWKHERDUGZLWKPDJQHWLFPDWHULDOLI\RXUERDUGLVPDJQHWLFRUORRSVRIPDVNLQJWDSH
>q^k\bl^*
,QWURGXFHDFRXQWLQJVRQJVXFKDV7KLV2OG0DQ0DQ\WUDGLWLRQDOFRXQWLQJVRQJVDUHQRZSXEOLVKHG
DVERRNV6HHWKHOLWHUDWXUHOLVW
>q^k\bl^+
'LVWULEXWH&URGVWRJURXSVRIWZRWRWKUHHVWXGHQWV$OORZWKHVWXGHQWVWRSOD\IUHHO\ZLWKWKHURGV
IRUDERXWÀYHPLQXWHV
3XWWKHGHPRQVWUDWLRQ&URGVLQDFRQWDLQHUDQGVKRZWKHFRQWDLQHUWRWKHFODVV
7
0\&URGVDUHLQWKLVFRQWDLQHU7HOOPHWKHFRORUVRIWKH&URGV
,IDVWXGHQWVD\VUHGSXWDUHG&URGRQWKHERDUG,IDVWXGHQWVD\VSLQNUHSO\WKDW\RXGRQ·WKDYH
DQ\SLQNURGV,IDVWXGHQWVD\VJUHHQDVNLIWKH\DUHWKLQNLQJRIOLJKWJUHHQRUGDUNJUHHQ&RQWLQXH
XQWLORQH&URGRIHDFKFRORULVRQWKHERDUG
7
)LQGWKHVKRUWHVWURGDQGKROGLWXS:KDWFRORULVWKHVKRUWHVWURG":KLWH
1H[WDVNIRUDURGWKDWLVMXVWDOLWWOHELWORQJHUWKDQWKHZKLWHRQH5HG
7KHQDVNIRUDURGWKDWLVMXVWDOLWWOHELWORQJHUWKDQWKHUHGRQH/LJKWJUHHQ
$VWKHVWXGHQWVQDPHWKHURGVLQRUGHUFRQVWUXFW
DVWDLUFDVHDWWKHERDUGZLWKWKHGHPRQVWUDWLRQ
&URGV$OVRLQYLWHVWXGHQWVWREXLOGDVWDLUFDVH
ZLWKWKHLUURGV
-&0.
D,*
:KHQDOOWKHVWHSVKDYHEHHQSODFHGLQWKHVWDLUFDVHVD\
7
/HW·VSUHWHQGDOLWWOHPRXVHLVFOLPELQJWKHVWDLUVFRXQWLQJDOOWKHZD\2QHWZRWKUHH«
QLQHWHQ3RLQWWRWKHURGVRQHDIWHUDQRWKHUDV\RXFRXQW
<RXPD\ZLVKWRUHSHDWWKHFRXQWLQJZLWKHYHU\RQHFRXQWLQJLQXQLVRQ
7
1RZRXUPRXVHLVDWWKHWRSRIWKHVWDLUFDVH/HW·VJHWKLPEDFNGRZQWRWKHERWWRPRIWKH
VWDLUVDJDLQ:HZLOOKDYHWRFRXQWEDFNZDUG3ODFH\RXUÀQJHURQWKHWRSVWHS5HDG\"
7HQQLQH«WZRRQH
$JDLQ\RXPD\QHHGWRUHSHDWWKLVRQFHRUWZLFH
7
1RZWKHPRXVHLVDWWKHERWWRPRIWKHVWDLUFDVHDJDLQ/HW·VJHWKLPWRFOLPEXSWRWKHWRS
DQGFRPHULJKWEDFNGRZQDJDLQ
3ODFH\RXUÀQJHURQWKHERWWRPVWHS5HDG\"2QHWZR«QLQHWHQ1RZWHQQLQH«
WZRRQH
>q^k\bl^,
7
7DNHRQHUHGURGDQGVHHKRZPDQ\ZKLWHURGVÀWH[DFWO\QH[WWRRQWRSRILW
<RXPD\ZDQWWRGHPRQVWUDWHWKLVDWWKHERDUG
7
+RZPDQ\"
6
7ZR
$VNVWXGHQWVIRUDIHZPRUHFRPELQDWLRQVGHPRQVWUDWLQJWKHPDOVRDWWKHERDUG)RUH[DPSOH
7
+RZPDQ\UHGURGVÀWQH[WWRDSXUSOHURG"
+RZPDQ\ZKLWHURGVÀWQH[WWRD\HOORZURG"
&RXOG\RXXVHRWKHUURGVWRÀWQH[WWRD\HOORZURG"
&DQ\RXÀWWKUHHURGVQH[WWRDGDUNJUHHQURG"
,QVWUXFWVWXGHQWVWRÀQGPRUHFRPELQDWLRQVXVLQJDYDULHW\RIURGV2UOHWVWXGHQWVÀQGWKHLURZQ
FRPELQDWLRQVWRVKDUHZLWKWKHFODVV
-&0/
D,+
D,+GNMLHO>K@K:IABG@
<Zilne^E^llhgLnffZkr
0DNHDJUDSKRIUHDOREMHFWVWRDQVZHUDTXHVWLRQDQGUHFRUGLWDVDUHSUHVHQWDWLRQDO
JUDSK
FZm^kbZel
M^Z\a^k
‡ 6XIÀFLHQWTXDQWLWLHVRIWKUHH
GLIIHUHQWW\SHVRIQXWVHJ
SHDQXWVFDVKHZVDOPRQGV
SHFDQVRURWKHUIRRGLWHPV
‡ 7KUHHFROXPQJUDSK
Lmn]^gm
‡ 1RQH
Ghm^7KHOHVVRQGHVFULEHGKHUHLVEDVHGRQKDYLQJVWXGHQWVVHOHFWDQGJUDSKWKHLUIDYRULWHQXWV<RX
PD\FKRRVHDQRWKHU´IDYRULWHWKLQJVµWRSLFIRUH[DPSOHDGLIIHUHQWIRRGFRXQWLQJVRQJRUÀQJHUSOD\
FHQWHUVKDSHDQGVRRQ7KHIDYRULWHWKLQJVWKDWDUHJUDSKHGFDQUHODWHWRDWKHPHRUDUHFHQWHYHQWLQ\RXU
FODVVURRP7KHLPSRUWDQFHRIWKHOHVVRQLVLQWKHJUDSKLQJDQGJUDSKLQWHUSUHWDWLRQ
%HJLQWKHOHVVRQE\SRVLQJDSUREOHPVXFKDV
7
0U3ODQWHUVLVGRLQJDVXUYH\+HZDQWVWRNQRZZKLFKRIWKHVHWKUHHNLQGVRIQXWVRXU
FODVVOLNHVEHVW7KHFKRLFHVDUHSHDQXWVFDVKHZVDQGDOPRQGV:KDWVKRXOGZHWHOO0U
3ODQWHUV"
6
3HDQXWV
6
:HQHHGWRDVNHYHU\RQH
3ODFHDWKUHHFROXPQJUDSKRQWKHÁRRURUDWDEOHZLWKDVPDOOERZORIRQHW\SHRIQXWDWWKHEDVH
RIHDFKFROXPQ$VNVWXGHQWVWRFRPHXSVHOHFWWKHLUIDYRULWHQXWDQGSODFHWKDWQXWLQWKHFROXPQ
DERYHWKHERZO
$IWHUDOOVWXGHQWVKDYHKDGDFKDQFHWRSODFHWKHLUIDYRULWHQXWVLQWKHJUDSKDVNVRPHRIWKH
IROORZLQJTXHVWLRQV
7
'RHVWKHJUDSKKHOSWRDQVZHU0U
3ODQWHUV·VTXHVWLRQ"
:KLFKW\SHRIQXWGLGZHOLNHWKHEHVW"
:KLFKGLGZHOLNHOHDVW"
:KLFKW\SHVRIQXWVGLGDQHTXDOVDPH
QXPEHURIXVOLNHEHVWLIDSSOLFDEOH"
:KLFKNLQGRIQXWGLGQRRQHOLNH
EHVWLIDSSOLFDEOH"
+RZPDQ\RIXVOLNHDOPRQGVEHVW"
-&00
D,+
6XJJHVWVWXGHQWVUHFRUGWKHFODVVJUDSKLQWKHLUPDWKMRXUQDOV7KH\PLJKWGUDZSLFWXUHVRUGUDZ
GRWVWRUHSUHVHQWWKHREMHFWV<RXPLJKWOLNHWKHVWXGHQWVWRFRXQWWKHQXPEHURIQXWVLQHDFKFROXPQ
DQGUHFRUGWKHVHQXPEHUVEHORZRUDERYHWKHFROXPQV
-&01
D,,
D,,>O>KRHG>EBLM>GL%>O>KRHG>
:<ML
<Zilne^E^llhgLnffZkr
3OD\DJDPHWRSUDFWLFHIROORZLQJWZRWRIRXUVWHSFRPPDQGV
FZm^kbZel
M^Z\a^k
‡ 1RQH
Lmn]^gm
‡ 1RQH
>q^k\bl^*
,QWURGXFHDQDFWLRQVRQJVXFKDV&ODS<RXU+DQGVRU7HGG\%HDU7HGG\%HDU7KHODWWHUFDQEH
PDGHLQWRDFRXQWLQJVRQJVHH.OLVWRIFRXQWLQJVRQJV
<eZiRhnkAZg]l
M^]]r;^Zk%M^]]r;^Zk
&ODSFODSFODS\RXUKDQGV
&ODS\RXUKDQGVWRJHWKHU
&ODSFODSFODS\RXUKDQGV
&ODS\RXUKDQGVWRJHWKHU
2WKHUYHUVHV
7RXFKWRXFKWRXFK\RXUWRHV«
'UXPGUXPGUXP\RXUIHHW«
)ODSÁDSÁDS\RXUDUPV«
7DSWDSWDS\RXUNQHHV«
6WDQGXSYHU\WDOODQGWRXFKWKHVN\WRJHWKHU«
7HGG\EHDU7HGG\EHDUWXUQDURXQG
7XUQLQDFLUFOH
7HGG\EHDU7HGG\EHDUWRXFKWKHJURXQG
%HQGRYHUDQGWRXFKWKHJURXQG
7HGG\EHDU7HGG\EHDUVKRZRQHVKRH
/LIWRQHVKRHRIIWKHJURXQG
7HGG\EHDU7HGG\EHDU\RX·GEHWWHUVNLGRR
:DONDURXQGTXLFNO\
>q^k\bl^+
%HIRUHVWDUWLQJWKLVJDPHFUHDWHWKHDWPRVSKHUH
7
,ZDQWWKHURRPVRTXLHWWKDWZHFRXOGKHDUDSLQGURS(YHU\RQHRSHQWKHLUHDUVDQGOLVWHQ
KDUG:HDUHJRLQJWRSOD\DOLVWHQHU·VJDPH'RQ·WVWDUWPRYLQJXQWLO,ÀQLVKJLYLQJDOOWKH
GLUHFWLRQV
*LYHDVHTXHQFHRILQVWUXFWLRQVVXFKDVWKHIROORZLQJ1RWLFHWKDWODWHULQVWUXFWLRQVFRQWDLQPRUH
FRPPDQGVWKDQHDUOLHULQVWUXFWLRQV$IWHUHDFKLQVWUXFWLRQJLYHVWXGHQWVVXIÀFLHQWWLPHWRSHUIRUP
WKHFRPPDQGV2QFHWKH\KDYHFRPSOHWHGWKHDFWLRQVDVNWKHPWRVLWGRZQDJDLQ
,QVWUXFWLRQ6WDQGXSFODS\RXUKDQGV
,QVWUXFWLRQ6WDQGXSWDNHRQHVWHSIRUZDUG
,QVWUXFWLRQ6WDQGXSWDNHRQHVWHSIRUZDUGVQDS\RXUÀQJHUV
,QVWUXFWLRQ6WDQGXSWRXFK\RXUNQHHVMXPSWZLFH
,QVWUXFWLRQ6WDQGXSWXUQDURXQGWRXFKWKHÁRRUWDS\RXUKHDG
,QVWUXFWLRQ6WDQGXSFODS\RXUKDQGVMXPSWZLFHWXUQDURXQG
9DU\WKHVHLQVWUXFWLRQVDVPXFKDV\RXFDQWRLQFUHDVHVWXGHQWHQMR\PHQWRIWKHJDPHEXWNHHS\RXU
-&02
D,,
LQVWUXFWLRQVSUHFLVHDQGWRWKHSRLQW$VDYDULDWLRQ\RXPD\OLNHWROHWVWXGHQWVFUHDWHWKHLURZQ
FRPPDQGV
7KLVJDPHFDQEHPDGHPRUHFKDOOHQJLQJE\HOLPLQDWLQJVWXGHQWVZKRPDNHDPLVWDNHFDUU\LQJRXW
DQLQVWUXFWLRQ+RZHYHUVXFKDUXOHLVOLNHO\WRHOLPLQDWHWKHYHU\VWXGHQWVZKRQHHGWKHDFWLYLW\WKH
PRVW7KHUHIRUHXVHWKLVUXOHRQO\RQFHLQDZKLOH
-&1)
D,-
D,-<HGLMKN<MBG@I:MM>KGL
<Zilne^E^llhgLnffZkr
8VLQJ8QLÀ[ŠFXEHVRURWKHUW\SHVRIFRXQWHUVUHSOLFDWHD´VQDSFODSWDSµSDWWHUQ
FZm^kbZel
M^Z\a^k
‡ 6QDS7DS&ODSYLVXDODLGHFDUGV
Lmn]^gm
‡ 8QLÀ[ŠFXEHVRUVRPHRWKHU
FRXQWHUV
:]oZg\^Ik^iZkZmbhg3&RSLHVRI%ODFNOLQHV.D²FFDQEHPRXQWHGRQFDUGERDUGWRVHUYHDVYLVXDO
GHPRQVWUDWLRQFDUGV
>q^k\bl^*
5HYLHZWKH7DS7DS7DSÀQJHUSOD\
MZi%MZi%MZi
3RLQWWR\RXUWRH*RWDSWDSWDS
7DSWRH
3UHVV\RXUÀQJHUVVQDSVQDSVQDS
6QDSÀQJHUV
0DNH\RXUKDQGJRFODSFODSFODS
&ODSKDQGV
1RZLW·VWLPHWRWDNHDQDS
3XWKDQGVWRJHWKHUOD\KHDGRQKDQGV
>q^k\bl^+
*LYHHDFKVWXGHQWDQHTXDOQXPEHURIWZRGLIIHUHQWFRORU8QLÀ[ŠFXEHVRURWKHUFRXQWHUVRU
LQWHUORFNLQJEORFNV8VLQJRQO\WZRRIWKHGLUHFWLRQVVXFKDVWDSDQGFODSGLUHFWVWXGHQWVWRIROORZ
DWDSSLQJDQGFODSSLQJSDWWHUQ)RUH[DPSOHFKRRVHFODSWDSWDSFODSWDSWDS«<RXPD\ZDQWWR
UHPLQGVWXGHQWVE\SRLQWLQJWRWKHYLVXDOGHPRQVWUDWLRQFDUGVDVWKH\DFWXDOO\FODSRUSDW
&ODS
7
7DS
7DS
&ODS
7DS
7DS
&ODS
'R\RXWKLQNZHFRXOGPDNHDVLPLODUSDWWHUQZLWKWKHFXEHV"
,QVWUXFWVWXGHQWVWRSXWWRJHWKHUWKH8QLÀ[ŠFXEHVRURWKHUPDQLSXODWLYHVWRPDWFKWKHFODSWDS
WDSFODSWDSWDS«SDWWHUQ$V\RXREVHUYHWKHVWXGHQWVZRUNUHPLQGWKHPRIWKHSDWWHUQE\
FODSSLQJDQGWDSSLQJ\RXUVHOI'RQRWH[SHFWHYHU\RQHWREHVXFFHVVIXOEXWZKHQ\RXVHHDGLVSOD\
OLNHWKHRQHRQWKHIROORZLQJSDJHOHWWKHFODVVGLVFXVVKRZLWPDWFKHVWKHFODSSLQJDQGWDSSLQJ
SDWWHUQ
-&1*
D,-
,QYLWHVWXGHQWVWRH[WHQGWKH8QLÀ[ŠFXEHVSDWWHUQDQGWKHQWRIROORZLWZLWKFODSSLQJDQGWDSSLQJ
>q^k\bl^,
5HSHDW([HUFLVHEXWWKLVWLPHJLYHVWXGHQWVDQDGGLWLRQDOFRORU8QLÀ[ŠFXEHRURWKHUEORFN7KLV
DOORZV\RXWRLQFUHDVHWKHFRPSOH[LW\RIWKHSDWWHUQWRLQFOXGHFODSSLQJWDSSLQJDQGVQDSSLQJ)RU
H[DPSOH
6QDS
&ODS
7DS
6QDS
&ODS
7
,I,FRQWLQXHWKHSDWWHUQZKDWGR\RXWKLQNZLOOFRPHQH[W"
6
&ODS
7
$QGWKHQ"
6
7DS
7DS
6QDS
6HWXSPDWKFHQWHUVZLWKPDQLSXODWLYHVWKDWVWXGHQWVFDQXVHWRFUHDWHDQGH[WHQGSDWWHUQV7KH\
VKRXOGEHJLYHQVRPHIUHHGRPWRPDNHSDWWHUQVRIWKHLUFKRLFH$VDQRSWLRQDVNVWXGHQWVWRUHFRUG
SDWWHUQVLQWKHLUMRXUQDOV-RXUQDOHQWULHVPD\EHVKDUHGZLWKWKHHQWLUHFODVV
-&1+
D,.
D,.>E><MKHGB<MHHEL
<Zilne^E^llhgLnffZkr
'LVFXVVYDULRXVHOHFWURQLFWRROVDQGPDNHDJUDSKRIH[DPSOHVRIHOHFWURQLFWRROV
FZm^kbZel
M^Z\a^k
‡ (OHFWURQLFZDWFKDQGFDOFXODWRU
‡ 2OGPDJD]LQHVFDWDORJVRUDGV
‡ &KDUWSDSHU
‡ *OXH
Lmn]^gm
‡ 6FLVVRUV
Ghm^3:LWKPDQ\WRROVWRGD\LWLVGLIÀFXOWWRGHWHUPLQHZKHWKHULWLVDQHOHFWULFWRRORUDQ
HOHFWURQLFWRRO)RUH[DPSOHDFRUGOHVVVFUHZGULYHUFRXOGEHFRQVLGHUHGDQHOHFWURQLFWRROZKLOH
DWDEOHVDZLVDQHOHFWULFWRRO$KDQGKHOGFDOFXODWRULVFRQVLGHUHGDQHOHFWURQLFWRROZKLOHDFDVK
UHJLVWHULVFRQVLGHUHGDQHOHFWULFWRRO)RURXUGLVFXVVLRQHOHFWURQLFZLOOUHIHUWRWRROVWKDWKDYHORZ
OHYHOHOHFWULFDOXVHDQGXVHFLUFXLWVWUDQVLVWRUVFKLSVRUFRQGXFWRUVDQGVRPHSRZHUVRXUFHOLNH
EDWWHULHVWRKHOSWKHPIXQFWLRQ<RXSUREDEO\ZLOOQRWZDQWWRGLVWLQJXLVKHOHFWURQLFIURPHOHFWULF
WRROVZLWK\RXUVWXGHQWV
>q^k\bl^*
'LVSOD\DZDWFKDQGFDOFXODWRUIRUVWXGHQWVWRVHH
7
&DQVRPHRQHWHOOWKHFODVVZKDWWKHVHDUH"
6
7KDWLVDZDWFK
6
,NQRZWKDWLVDFDOFXODWRU
7
7KHVHDUHERWKHOHFWURQLFWRROV'RHVDQ\RQHNQRZRIDQ\RWKHUHOHFWURQLFWRROV"
6
1LQWHQGRŠ*DPHER\Œ
6
5DGLR
6
.H\ERDUG
>q^k\bl^+
3DVVRXWROGPDJD]LQHVFDWDORJVRUDGYHUWLVHPHQWV
7
,ZRXOGOLNH\RXWRÀQGSLFWXUHVRIHOHFWURQLFWRROVLQWKHVHPDJD]LQHVDQGFXWWKHPRXW
$OORZWLPHIRUVWXGHQWVWRFXWRXWSLFWXUHV7U\WRDUUDQJHWKDWHYHU\RQHÀQGVDWOHDVWRQHDSSURSULDWH
SLFWXUHWRFXWRXWDQGSHUKDSVQRWPRUHWKDQWKUHH
-&1,
D,.
7DSHDSLHFHRIFKDUWSDSHUWRWKHERDUGDQGODEHOLW´(OHFWURQLF7RROVµ$VNYROXQWHHUVWRWDSH
SLFWXUHVRIGLIIHUHQWNLQGVRIHOHFWURQLFWRROVWRRQHVLGHRIWKHFKDUWSDSHU$VNWKHVWXGHQWVWRQDPH
DQGGHVFULEHWKHHOHFWURQLFWRROVLIWKH\FDQ,IRWKHUVWXGHQWVNQRZOHWWKHPVKDUHRWKHUZLVHQDPH
DQGGHVFULEHWKHWRROV\RXUVHOI&DOORQRWKHUVWXGHQWVZKRKDYHVLPLODUSLFWXUHVWRFRPHWRWKH
SRVWHUDQGDWWDFKWKHPLQDURZEHVLGHWKHDSSURSULDWHSLFWXUH'UDZOLQHVRQWKHFKDUWSDSHUWRIRUP
URZV
%LECTRONIC4OOLS
#ALCULATOR
#LOCK
2ADIO
4ELEPHONE
3CALE
&RQWLQXHWKLVSURFHVVIRURWKHUSLFWXUHVVWXGHQWVKDYHIRXQG6RPHTXHVWLRQVWKDWPD\KHOSWKH
GLVFXVVLRQRIHOHFWURQLFWRROVDUH
7
:KHUHPLJKW\RXÀQGVRPHRIWKHVHWRROV"
+DYHDQ\RI\RXXVHGWKHVHWRROV"
+RZGRWKHVHWRROVKHOSXV"
2QFHWKHHOHFWURQLFWRROVJUDSKLVFRPSOHWHGDVNVWXGHQWVWRFRXQWKRZPDQ\RIHDFKGLIIHUHQWWRRO
DUHJUDSKHG<RXPD\ZDQWWRZULWHWKHQXPEHUEHVLGHHDFKURZDIWHUVWXGHQWVKDYHFRXQWHG8VHWKH
JUDSKWRWDONDERXWWKHWRROIRXQGPRVWRUOHDVWRIWHQ([DPSOHVRIVRPHTXHVWLRQVDUH
‡ $UHWKHUHPRUHWHOHYLVLRQVRUFORFNV"+RZPDQ\PRUH"
‡ $UHWKHUHOHVVFDOFXODWRUVRUUDGLRV"+RZPDQ\OHVV"
6XJJHVWWKDWVWXGHQWVORRNIRUHOHFWURQLFWRROVDWKRPH,QYROYHSDUHQWVE\DVNLQJWKHPWRDVVLVWWKHLU
FKLOGUHQLQÀQGLQJSLFWXUHVRIHOHFWURQLFWRROVWREULQJWRVFKRRODQGWRGLVFXVVZKDWXVHVGLIIHUHQW
WRROVKDYH$VDPSOHOHWWHULVSURYLGHGLQ%ODFNOLQH.
-&1-
D,/
D,/P:RLMHF:D>>B@AM
<Zilne^E^llhgLnffZkr
8VHEORFNVWREXLOGGLIIHUHQWFRPELQDWLRQVIRU
FZm^kbZel
M^Z\a^k
Lmn]^gm
‡ (LJKWLGHQWLFDOODUJHREMHFWV
‡ &RXQWLQJERRNIURPWKHOLWHUDWXUHOLVW
HJZRRGHQRUFDUGERDUG
EORFNVVKRHER[HVERRNV
‡ (LJKWVPDOOEORFNVRUFRXQWHUV
5HSHDW/HVVRQ.XVLQJDGLIIHUHQWFRXQWLQJERRNDQGXVLQJHLJKWREMHFWVUDWKHUWKDQVL[
-&1.
-&1/
D,0
D,0<&KH=L<Zilne^E^llhgLnffZkr
,QWURGXFH&URGWUDLQVDQGFRQVWUXFWDYDULHW\RIGLIIHUHQW&URGWUDLQVWKHVDPHOHQJWKDV
DVLQJOH&URG
FZm^kbZel
M^Z\a^k
‡ 'HPRQVWUDWLRQ&URGV
Lmn]^gm
‡ &URGV
‡ 0DWKMRXUQDORUSDSHU
3URYLGHVWXGHQWVZLWK&URGV<RXPD\OLNHVWXGHQWVWRZRUNLQJURXSVRIWZRWRWKUHH5HYLHZ
VRPHSUHYLRXVREVHUYDWLRQVWKH\KDYHPDGHDERXWWKHURGVDQGDOORZVHYHUDOPLQXWHVIRUIUHH
H[SORUDWLRQ
>q^k\bl^*
8VLQJGHPRQVWUDWLRQ&URGVLQWURGXFHWKHVWXGHQWVWRWKHLGHDRIPDNLQJ&URG´WUDLQVµ
7
,I,SXWDZKLWHURGDQGDUHGURGWRJHWKHUWRIRUPD
WUDLQLWZLOOEHWKHVDPHOHQJWKDVWKHOLJKWJUHHQURG
'RWKLVZLWK\RXU&URGV
$OORZVWXGHQWVWLPHWRGRWKLVLQWKHLUVPDOOJURXSV&KHFNWKDWVWXGHQWVXQGHUVWDQGSXWWLQJURGV
WRJHWKHUWRIRUPDWUDLQWKHOHQJWKRIDQRWKHUURG
7
:KDWFRORUURGZRXOGEHWKHVDPHDVDWUDLQZLWKD
OLJKWJUHHQDQGDZKLWHURG"
6
3XUSOH
7
&DQZHPDNHDWUDLQZLWKWKHVDPHOHQJWKDVD\HOORZURG"
,QVWUXFWVWXGHQWVWRPDNHGLIIHUHQWWUDLQVLQWKHLUJURXSV)RUH[DPSOH
>q^k\bl^+
2QWKHERDUGRURYHUKHDGPRGHOKRZWRUHFRUGD&URGWUDLQE\WUDFLQJDURXQGWKHURGVDQGWKHQ
FRORULQJ
'LUHFWVWXGHQWVWRZRUNLQWKHLUJURXSVWRÀQGRWKHUWUDLQVZKLFKHTXDODURGRIDSDUWLFXODUFRORU
6XJJHVWWKH\DOVRORRNIRUWUDLQVPDGHRIPRUHWKDQWZRSLHFHV,QVWUXFWWKHPWRUHFRUGDWOHDVWRQH
WUDLQLQWKHLUPDWKMRXUQDORURQSDSHU
,IWKHUHLVWLPHUHPDLQLQJ\RXPD\ZLVKWROHWVWXGHQWVVKDUHWKHLUMRXUQDOHQWULHVE\HLWKHU
GHVFULELQJWKHSLHFHVWKH\FRPELQHGRUGHPRQVWUDWLQJZLWK&URGVRQWKHERDUGRURYHUKHDG
-&10
-&11
D,1
D,1<:E<NE:MHKBGMKH=N<MBHG*
<Zilne^E^llhgLnffZkr
'LVFXVVWKHFDOFXODWRUDVDQHOHFWURQLFWRRO([SORUHWKHFDOFXODWRUDQGOHDUQKRZWRUHIHU
WRYDULRXVSDUWVRIDFDOFXODWRU
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRURUD
FDOFXODWRUSRVWHU
Lmn]^gm
‡ &DOFXODWRU
:]oZg\^Ik^iZkZmbhg3$FDOFXODWRUWUDQVSDUHQF\FDQEHPDGHIURP%ODFNOLQH.
>q^k\bl^*
'LVFXVVWKHHOHFWURQLFWRROVSRVWHUZLWKVWXGHQWV6RPHTXHVWLRQVWKDWPLJKWJXLGHWKHGLVFXVVLRQDUH
7
:KHUHPLJKW\RXÀQGVRPHRIWKHVHWRROV"
+DYHDQ\RI\RXXVHGVRPHRIWKHVHWRROV"
+RZGRWKHVHWRROVKHOSXV"
>q^k\bl^+
'LVSOD\WKHRYHUKHDGFDOFXODWRURUDFDOFXODWRUSRVWHU
7
7RGD\ZHDUHJRLQJWRWDONDERXWDQGXVHDVSHFLDOHOHFWURQLFWRROWKHFDOFXODWRU
:KHUHPLJKW\RXÀQGDFDOFXODWRU"
+DYHDQ\RI\RXXVHGDFDOFXODWRU"
:KRKDYH\RXVHHQXVLQJDFDOFXODWRU"
+RZFDQDFDOFXODWRUKHOSXV"
'LVSOD\
3RZHUVRXUFH
3RLQWRXWDQGWDONDERXWYDULRXVSDUWVRIWKH
FDOFXODWRU³WKHSRZHUVRXUFHGLVSOD\QXPEHU
NH\VRQDQGRIINH\VDQGVRRQ$VPXFKDV
SRVVLEOHOHWVWXGHQWVSRLQWRXWDQGJLYHQDPHV
WRWKHYDULRXVFDOFXODWRUSDUWV
'LVWULEXWHDFDOFXODWRUWRHDFKVWXGHQWRUSDLU
RIVWXGHQWVDQGDOORZWLPHIRUIUHHH[SORUDWLRQ
6WXGHQWVPLJKWZDQWWRWDONDERXWZKDWKDSSHQV
ZKHQWKH\SUHVVFHUWDLQNH\V
²
¸
2SHUDWLRQNH\V
0HPRU\NH\V
1XPEHUNH\V
2Q&OHDU
05&
0²
0
[
²
21&
-&12
-&2)
D,2
D,2MA>IE:R?NEGNF;>KL
<Zilne^E^llhgLnffZkr
8VHDVWRU\ZLWKRXWZRUGVWRFUHDWHDQRSHQHQGHGH[SHULHQFHZLWKQXPEHUV
FZm^kbZel
M^Z\a^k
‡ 2QHFRS\RIWKHVWRU\ERRN7KH
3OD\IXO1XPEHUV
Lmn]^gm
‡ 2QHFRS\RIWKHVWRU\ERRN7KH
3OD\IXO1XPEHUVIRUHDFKSDLURI
VWXGHQWV
7KH3OD\IXO1XPEHUVLVDGHOLJKWIXOOLWWOHVWRU\WKDWFRQWDLQVQRZRUGV,WLVGHOLEHUDWHO\SUHVHQWHG
LQWKLVZD\VRWKDWWKLVHDUO\H[SHULHQFHZLWKQXPEHUVZLOOEHRSHQHQGHG1XPEHUVFDQEHYLHZHG
IURPPDQ\SHUVSHFWLYHVDQGLIVWXGHQWVDUHSHUPLWWHGWRH[SORUHWKHVHSRVVLELOLWLHVUDWKHUWKDQ
KDYLQJDUELWUDULO\À[HGERXQGDULHVODLGGRZQIRU´ZKDWQXPEHUVDUHµWKHLUPDWKHPDWLFDOOLYHV
ZLOOEHPXFKULFKHU
:HHQFRXUDJH\RXWREHDQDFWLYHSDUWLFLSDQWZLWK\RXUVWXGHQWVLQWKHH[SORUDWLRQRIWKLVOLWWOHERRN
$VNWKHPWRKHOS\RXFUHDWHDVWRU\DERXWWKHER\KLVQXPEHUIULHQGVDQGKLVRWKHUIULHQGV<RX
PD\YHU\ZHOOEHVXUSULVHGDQGHQOLJKWHQHGWRGLVFRYHUVRPHQHZZD\VRIWKLQNLQJDERXWQXPEHUV
7KHVLWXDWLRQVSLFWXUHGLQWKLVERRNPLJKWJLYHWKHDSSHDUDQFHRIEHLQJTXLWHLQGHSHQGHQWIURPHDFK
RWKHUWKHRQO\OLQNEHLQJWKHTXDVLPDJLFDOHIIHFWWKHVHSOD\IXOQXPEHUVKDYHRQWKHHQYLURQPHQW
%XWLI\RXWDNHDVHFRQGORRNDWWKHSLFWXUHV\RXZLOOQRWLFHWKDWWKHUHDUHDIHZGHWDLOVKHUHDQG
WKHUHWKDWSURYLGHDGGLWLRQDOOLQNVEHWZHHQWKHP
)RUH[DPSOHWKUHHUHGEXWWRQVGURSRQWRWKHÁRRURQSDJHV²2QSDJHV²WKHVDPHWKUHH
EXWWRQVVKRZXSDJDLQDORQJZLWKVL[EOXHRQHV
,QWKHSLFWXUHRQSDJHV²ÀYHRIWKHFDWVDUHHDFKKROGLQJDZKLWHÁDJ%XWZDLWDPLQXWH«VR
ZHUHWKHÀYHPLFHRQSDJH:KDWHYHUFRXOGKDYHKDSSHQHG"
%HFDXVHRIWKHUROHSOD\HGE\GHWDLOVVXFKDVWKHVHLWLVLPSRUWDQWIRUWKHVWXGHQWVWREHDEOHWRVHH
WKHSLFWXUHVYHU\FOHDUO\7KHUHIRUH\RXPLJKWZDQWWRJDWKHU\RXUVWXGHQWVFORVHWR\RXDQGKROGXS
\RXUFRS\RIWKHERRNWRVKRZWKHPWKHSLFWXUHV
)RUWKLVSDUWLFXODUERRN\RXPLJKWQRWZDQWWRGLVWULEXWHFRSLHVRIWKHERRNWR\RXUVWXGHQWVULJKWDW
WKHEHJLQQLQJRIWKHOHVVRQ([SHULHQFHKDVVKRZQWKLVWREHPRUHGLVWUDFWLQJWKDQXVHIXO
:KHQ\RXDQG\RXUVWXGHQWVKDYHÀQLVKHG´UHDGLQJµWKHVWRU\GRQ·WUXVKWKHVWXGHQWVLQWRDQRWKHU
DFWLYLW\,QVWHDGJLYHDFRS\RIWKHVWRU\ERRNWRHDFKSDLURIVWXGHQWVDQGOHWWKHPORRNDWWKH
SLFWXUHVDWWKHLURZQSDFH0DNHWKHPIHHOIUHHWRWDONDERXWWKHERRNZLWK\RXRUZLWKWKHLUSDUWQHU
<RXPD\OLNHWROHDYHDWOHDVWRQHFRS\RIWKLVVWRU\ERRNSHUPDQHQWO\DYDLODEOHLQWKHFODVVURRPIRU
VWXGHQWVZKRZLVKWRJODQFHWKURXJKLWLQWKHLUVSDUHWLPH
-&2*
-&2+
D-)
D-):=CNLMF>GM(:LL>LLF>GM=:R-
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDJURXSRIVWXGHQWVRUIRUWKHHQWLUHFODVV
0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRUWKH
QXPEHUVLQWKHOHVVRQ,I\RXIHHOVWXGHQWVQHHGPRUHSUDFWLFHIROORZLQJGLUHFWLRQVUHSHDW.DQG
YDU\WKHDFWLRQV7KLVLVDOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI\RXU
FKRLFH
7KHIROORZLQJDFWLYLWLHVPD\EHXVHGWRJLYHDGGLWLRQDOSUDFWLFHZLWKZULWLQJQXPEHUVDQG
FRUUHVSRQGLQJDQXPEHUZLWKDQXPEHURIREMHFWV
Gnf[^k<ho^kl
3URYLGHVWXGHQWVZLWKQXPHUDOFDUGVDQGVRPHNLQGRIFRYHULQJPDWHULDOVFRXQWHUVEHDQVDQGVR
RQ'LUHFWWKHVWXGHQWVWRSODFHWKHEHDQVRUFRYHUVVRWKDWWKH\MXVWFRYHUWKHQXPEHURQDFDUG
7KLVPD\KHOSVWXGHQWVLQGHYHORSLQJWKHPRWRUVNLOOVDVVRFLDWHGZLWKZULWLQJQXPEHUV
<RXPD\DOVRVXJJHVWVWXGHQWVFRYHUDQXPHUDOFDUGZLWKDWKLQSLHFHRISDSHU³WKLQHQRXJKVRWKH\
FDQVHHWKHQXPEHUWKURXJKWKHSDSHU7KHQDVNWKHPWRXVHDWKLFNFUD\RQPDUNHURUSDLQWWRFRS\
WKHQXPEHU
Gnf[^kKn[[bg`l
:ULWHQXPEHUVRQODUJHLQGH[FDUGVXVLQJDKRWJOXHJXQDQGPDNLQJWKHJOXHIDLUO\WKLFN:KHQ
WKHJOXHLVFRROJLYHWKHVHFDUGVWRVWXGHQWVDORQJZLWKEODQNSLHFHVRISDSHU'LUHFWWKHVWXGHQWVWR
FRYHUDQXPEHUFDUGZLWKDSLHFHRISDSHUDQGUXERYHUWKHSDSHUZLWKWKHVLGHRIDFUD\RQ7KLVPD\
KHOSVWXGHQWVWRYLVXDOL]HZKDWDQXPEHUORRNVOLNH
Gnf[^k=^lb`gl
3URYLGHVWXGHQWVZLWKDQXPEHURIREMHFWVIRUH[DPSOHVXFKDVWRRWKSLFNVRUEHDQV,QVWUXFW
VWXGHQWVWRPDNHDGHVLJQZLWKWKHLUREMHFWVDQGWRGLVSOD\WKHGHVLJQRQDFDUGE\JOXLQJWKHREMHFWV
WRWKHFDUG$VNWKHVWXGHQWVWRZULWHWKHQXPEHUVRPHZKHUHRQWKHFDUG7KHQLQYLWHVWXGHQWVWR
GHVFULEHWKHLUGHVLJQVWRWKHFODVVHQFRXUDJLQJWKHXVHRIQXPEHUFRPELQDWLRQV)RUH[DPSOH
6
0\GHVLJQLVOLNHDWUHH,SXWWZRWRRWKSLFNVIRUWKH
WUXQNDQGWZRWRRWKSLFNVRQHDFKVLGHIRUEUDQFKHV
<RXPD\OLNHWRPDNHDFODVVURRPGLVSOD\SODFLQJGLIIHUHQW
GHVLJQVIRUWKHVDPHQXPEHUWRJHWKHU
-&2,
D-)
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·SURJUHVVLQZULWLQJQXPEHUVDQGLQDVVRFLDWLQJDQXPEHUZLWKDQXPEHURIREMHFWV
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.6TXLUUHOVDQG1XWV6L[QXWVODUJHVWULQJORRSV
.0HDVXULQJ7RROV&KDUWSDSHUYDULRXVPHDVXULQJWRROVEURXJKWIURPKRPHVHHQRWH
EHORZ
.$&ODVV%RRN&RQVWUXFWLRQSDSHUJOXHPDJD]LQHVVFLVVRUV
.:D\VWR0DNH7HQ&RXQWHUV
.<HV1R*UDSKV<HV1RJUDSKVPDQLSXODWLYHV
.)UHLJKW7UDLQV/DUJHVWULQJORRSVDUURZPDQLSXODWLYHV
.&DOFXODWRU,QWURGXFWLRQ2YHUKHDGFDOFXODWRURUSRVWHUVWXGHQWFDOFXODWRUV
.1XPEHU%XJV7DFWLOHPDWHULDOVDWFHQWHUV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUHDQGÀQJHUSOD\V......
Ghm^3/HVVRQ.DVNVWKDWVWXGHQWVEULQJVRPHPHDVXULQJWRROVIURPKRPHWRVKDUHZLWKWKHFODVV
,QSUHSDUDWLRQIRUWKLVOHVVRQVHQGKRPHWKHSDUHQWOHWWHURQ%ODFNOLQH.
-&2-
D-*
D-*LJNBKK>EL:G=GNML
<Zilne^E^llhgLnffZkr
8VHDÀQJHUSOD\DERXWVTXLUUHOVDQGQXWVWRLQWURGXFHDUHODWLRQ$FWRXWWKHUHODWLRQDQG
SLFWXUHLWXVLQJWKHODQJXDJHVRIVWULQJVDQGDUURZV,QYROYHFRXQWLQJLQWKHLQYHVWLJDWLRQ
RIWKHUHODWLRQ
FZm^kbZel
M^Z\a^k
‡ )LQJHUSOD\)LYH*UD\6TXLUUHOV
‡ 6L[QXWVDQ\W\SH
‡ 'HPRQVWUDWLRQQXPHUDOFDUGV
‡ /DUJHVWULQJORRSV
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
Ghm^37KLVOHVVRQFDQHDVLO\EHPRGLÀHGWRÀWDQ\WKHPH\RXPD\ZDQWWRXVHVXFKDVKHQVOD\LQJ
HJJVFKLOGUHQSLFNLQJDSSOHVPRQNH\VHDWLQJEDQDQDVFKLOGUHQUHDGLQJERRNVDQGVRRQ$OVR\RX
PD\OHWVWXGHQWVFKRRVHWKHUHODWLRQDQGDGMXVW\RXUGUDZLQJDFFRUGLQJO\
>q^k\bl^*
,QWURGXFHDÀQJHUSOD\VXFKDV)LYH*UD\6TXLUUHOVWRWKHFODVV
>q^k\bl^+
/D\WZRODUJHVWULQJORRSVRQWKHÁRRUVHSDUDWHGE\DIHZIHHW
7
7RGD\ZHDUHJRLQJWRWDONDERXWVTXLUUHOVJDWKHULQJQXWV
6HOHFWÀYHVWXGHQWVWRSUHWHQGWREHVTXLUUHOVDQGLQVWUXFWWKHPWRVWDQGLQVLGHRQHRIWKHVWULQJ
ORRSV
7
+RZPDQ\VTXLUUHOVGRZHKDYHLQVLGHWKLVVWULQJ")LYH
&DQVRPHRQHSRLQWWRRQWKHQXPEHUFKDUW"
2QWKHERDUGGUDZDVWULQJZLWKÀYHGRWVLQVLGHDQGODEHOLW´VTXLUUHOVµ
7
1RZ,DPJRLQJWRSXWVRPHQXWVLQVLGHWKHRWKHUVWULQJ&RXQWWKHQXWVDORQJZLWKPH
2QHWZRWKUHHIRXUÀYHVL[
+RZPDQ\QXWVGRZHKDYHLQVLGHWKLVVWULQJ"6L[6KRZPHZLWK\RXUÀQJHUV)LQG
RQ\RXUGHVNQXPEHUOLQH
2QWKHERDUGGUDZDVHFRQGVWULQJZLWKVL[GRWVDQGODEHOLW´QXWVµ
7
6TXLUUHOVXVXDOO\OLNHQXWVGRQ·WWKH\"
2QHRIRXUVTXLUUHOVJDWKHUVWKUHHQXWV
$VNDVWXGHQWWRÀQGWKHQXPHUDOFDUGDQGWRJLYHLWWRRQHRIWKHVTXLUUHOVWXGHQWV
-&2.
D-*
7KHQDVNWKHFKRVHQVTXLUUHOVWXGHQWWRJRRYHUWRWKHQXWFLUFOHDQGJDWKHUWKUHHQXWV5HSHDWWKLV
SURFHVVZLWKDQRWKHUVTXLUUHOJDWKHULQJWZRQXWVDQGVWLOODQRWKHUJDWKHULQJRQHQXW
5HIHUWRWKHSLFWXUHRQWKHERDUG
7
+RZPDQ\VTXLUUHOV")LYH
+RZPDQ\QXWV"6L[
+RZPDQ\QXWVGLG5REHUWRJDWKHU"7KUHH
/HWDQRWKHUVWXGHQWFKRRVHRQHGRWWRVWDQGIRU
5REHUWR·VVTXLUUHODQGWKUHHGRWVWRVWDQGIRUWKH
QXWV5REHUWRJDWKHUHG7KHQGUDZWKUHHDUURZV
RQWKHERDUGIURP5REHUWR·VVTXLUUHOWRWKHQXWV
5HSHDWWKLVSURFHVVZLWKWKHRWKHUVTXLUUHOVDQG
QXWV
3QUIRRELS
.UTS
3QUIRRELS
.UTS
$VNYDULRXVTXHVWLRQVDERXWWKHDUURZSLFWXUH
)RUH[DPSOH
7
'LGDOOWKHVTXLUUHOVJDWKHUVRPHQXWV"1R
+RZPDQ\GLGQRW"7ZR
+RZPDQ\VTXLUUHOVGLGJDWKHUQXWV"7KUHH
$UHWKHUHDQ\QXWVOHIW"1R
«SRLQWLQJWRDVTXLUUHO+RZPDQ\QXWVGLGWKLVVTXLUUHOJDWKHU"
«SRLQWLQJWRDQXW:KRJRWWKLVQXW"
:KLFKVTXLUUHOJRWWKHPRVWQXWV"
,I\RXUFODVVLVVWLOOLQWHUHVWHG\RXFDQDVND
IHZVWXGHQWVWRWUDFHDVWULQJDURXQGDOOWKHQXWV
WKDWZHUHHDWHQE\DJLYHQVTXLUUHO<RXUÀQDO
GUDZLQJPLJKWORRNVRPHWKLQJOLNHWKLV
3QUIRRELS
7KLVDFWLYLW\FDQEHUHSHDWHGOHWWLQJRWKHUVWXGHQWV
GRWKHDFWLQJDQGXVLQJRWKHUQXPEHUV
'LUHFWVWXGHQWVWRUHFRUGD´VTXLUUHOVDQGQXWVµVWRU\LQWKHLUPDWKMRXUQDOV
-&2/
.UTS
D-+
D-+F>:LNKBG@MHHEL
<Zilne^E^llhgLnffZkr
'LVFXVVKRZZK\DQGZKDWSHRSOHPHDVXUHDQGHQJDJHLQDFWLYLWLHVLQYROYLQJ
FRPSDUDWLYHPHDVXUHPHQW
FZm^kbZel
M^Z\a^k
‡ &KDUWSDSHU
‡ 9DULRXVPHDVXULQJWRROV
LQFOXGLQJDWLPHUVFDOHRU
WKHUPRPHWHU
Lmn]^gm
‡ 0HDVXULQJWRROVIURPKRPH
:]oZg\^Ik^iZkZmbhg37KHHDUO\ZDUQLQJLQ.PHQWLRQHGD%ODFNOLQHFRQWDLQLQJDOHWWHUWRSDUHQWV
DERXWVHQGLQJVRPHPHDVXULQJWRROVWRVFKRROZLWKWKHLUFKLOGUHQ%HVXUHWRVHQGWKLVOHWWHUKRPHDFRXSOH
RIGD\VEHIRUHWHDFKLQJWKLVOHVVRQDQGQRWHZKDWNLQGRIPHDVXULQJWRROVVWXGHQWVEULQJ
>q^k\bl^*
7U\WRDUUDQJHWKDWHYHU\VWXGHQWKDVVRPHPHDVXULQJWRROWRVKDUHZLWKWKHFODVV
7
0DQ\RI\RXKDYHEURXJKWLQWKLQJVRUSLFWXUHVRIWKLQJVXVHGIRUPHDVXULQJ,ZRXOGOLNH
\RXWRVKDUHZKDW\RXEURXJKWZLWKWKHFODVV,ISRVVLEOHWHOOXVZKDWLWLVXVHGIRU
,WZLOOWDNHVRPHWLPHIRUVWXGHQWVWRGHVFULEHWKHPHDVXULQJWRROVWKH\KDYHEURXJKW$VDSSURSULDWH
OHWRWKHUVWXGHQWVFRQWULEXWHWRWKHGLVFXVVLRQRIDPHDVXULQJWRRO
7
+RZFRXOGZHDUUDQJHDOORIWKHVHPHDVXULQJWRROV"
6
:HFRXOGSXWWKHPRQWKHWDEOHRUKDQJWKHPRQWKHZDOORUEXOOHWLQERDUG
$IWHUDVWXGHQWWHOOVWKHFODVVDERXWKLVRUKHUWRRODVNWKHVWXGHQWWRSODFHLWRQWKHGHVNWRSRU
WDEOHWRS3LFWXUHVRIPHDVXULQJLQVWUXPHQWVFDQEHJOXHGRQFKDUWSDSHU0DNHDSSURSULDWHODEHOVIRU
WKHPHDVXULQJWRROV,IVWXGHQWVVXJJHVWDUUDQJLQJWRROVE\FDWHJRULHVIRUH[DPSOHSODFLQJDUXOHU
PHDVXULQJWDSHDQGWDSHPHDVXUHWRJHWKHUEHFDXVHWKH\PHDVXUHOHQJWK\RXPD\ZDQWWRGRWKLV
'RQRWH[SHFWFOHDUGHOLQHDWLRQRIFDWHJRULHV
RULER
TIMER
T
F
SCALE
EGG
TIMER
MEASURING
CUP
MEASURING
SPOONS
SPEEDOMETER
TAPE
MEASURE
THERMOMETER
MEASURINGTAPE
-&20
D-+
,IWKHUHDUHVRPHLQWHUHVWLQJPHDVXULQJWRROVVXFKDVDQHJJWLPHURUWKHUPRPHWHUWKDWDUHQRW
UHSUHVHQWHGLQWKRVHEURXJKWE\VWXGHQWV\RXPD\ZDQWWRVKRZDQGGHVFULEHWKHVHWRROV\RXUVHOI
&HQWHUVFDQSURYLGHRSSRUWXQLWLHVIRUVWXGHQWVWRHQJDJHLQDFWLYLWLHVWKDWHQFRXUDJHFRPSDUDWLYH
PHDVXUHPHQW6HWXSVHYHUDOFHQWHUVHDFKZLWKPHDVXULQJWRROVDQGWKLQJVWRPHDVXUH0RGHOIRU
VWXGHQWVZKDWWKH\DUHWRGRDWHDFKFHQWHU
<^gm^k FZm^kbZel
:\mbobmr
*
+
,
7XERIZDWHUSODVWLFFXSVERZOV
PHDVXULQJFXSVVSRRQV
0RYHZDWHUIURPRQHVL]H
FRQWDLQHUWRDQRWKHUFRPSDUHFDSDFLWLHV
%R[RIVDQGSODVWLFFXSVERZOV
PHDVXULQJFXSVVSRRQVIRRGFRQWDLQHUV
0RYHVDQGIURPRQHVL]H
FRQWDLQHUWRDQRWKHUFRPSDUHFDSDFLWLHV
/DUJHERZORIULFHSODVWLFFXSVERZOV
PHDVXULQJFXSVVSRRQVIRRGFRQWDLQHUV
0RYHULFHIURPRQHVL]H
FRQWDLQHUWRDQRWKHUFRPSDUHFDSDFLWLHV
-
&RQWDLQHUVZLWKZDWHUVQRZLFH
WKHUPRPHWHU
7DNHWKHWHPSHUDWXUHRIWKH
WKUHHPDWHULDOVZDWFKIRUWHPSHUDWXUH
FKDQJHVDQGFRPSDUHWHPSHUDWXUHV
.
6FDOHRUEDODQFHURFNVFRWWRQEDOOVSODVWLF
WR\V
&RPSDUHWKHPDVVRIYDULRXV
LWHPV
/
5XOHUPHDVXULQJWDSHV\DUGRUPHWHUVWLFNV 0HDVXUHREMHFWVDURXQGURRPFRPSDUH
OLQHDUPHDVXUHV
6XJJHVWWKDWSDUHQWVGRVRPHFRPSDUDWLYHPHDVXUHPHQWDFWLYLWLHVZLWKWKHLUFKLOGDWKRPH
%ODFNOLQH.LQFOXGHVDSRVWVFULSWZLWKH[DPSOHV
-&21
D-,
D-,<E:LL<HNGMBG@;HHD
<Zilne^E^llhgLnffZkr
$IWHUUHDGLQJVHYHUDOFRXQWLQJERRNVPDNHDFODVVFRXQWLQJERRN
FZm^kbZel
M^Z\a^k
‡ 6HYHUDOFRXQWLQJERRNVIURP
WKHOLWHUDWXUHOLVWVXFKDV$QLPDO
1XPEHUVE\%HUW.HWFKHQ
‡ SLHFHVRISDSHU
Lmn]^gm
‡ &RQVWUXFWLRQSDSHU
‡ 6FLVVRUV
‡ *OXH
‡ 0DUNHUVFUD\RQVRUSDLQW
‡ 0DJD]LQHVRSWLRQDO
>q^k\bl^*
5HDG$QLPDO1XPEHUVE\%HUW.HWFKHQRUDFRXQWLQJERRNRI\RXUFKRLFHWRWKHFODVV
>q^k\bl^+
6KRZWKHFODVVVHYHUDOGLIIHUHQWFRXQWLQJERRNVDOORIZKLFK\RXKDYHUHDGHDUOLHU
7
7RGD\ZHDUHJRLQJWRPDNHRXURZQFRXQWLQJERRN%XWEHIRUHZHGROHW·VWDONDERXW
VRPHRIWKHFRXQWLQJERRNVZH·YHUHDGVRIDUWKLV\HDU
:KDWFDQ\RXWHOOPHDERXWKRZVRPHFRXQWLQJERRNVDUHZULWWHQ"
6
7KH\KDYHQXPEHUVXSWR
6
7KH\KDYHDQLPDOVRQWKHSDJHV
6
)RXUELUGVDUHRQWKHSDJH
(QFRXUDJHVWXGHQWVWRPDNHVHYHUDOREVHUYDWLRQVDERXWFRXQWLQJERRNVDQGFKHFNVRPHRIWKHVH
REVHUYDWLRQVZLWKWKHFRXQWLQJERRNV\RXKDYHRQKDQG
7
:HQHHGWRPDNHVRPHGHFLVLRQVDERXWRXUFRXQWLQJERRN6LQFHZHDUHVWXG\LQJDQLPDOV
LQVHUWWKHQDPHRIDFODVVWKHPHRXUERRNFRXOGKDYHDQLPDOVRUZKDWHYHURQWKHSDJHV
/HW·VGHFLGHZKDWZLOOEHRQSDJH
&RQWLQXHWKHGLVFXVVLRQDOORZLQJVWXGHQWVWRGHFLGHZKLFKDQLPDOVZLOOEHRQHDFKSDJH5HFRUG
WKHLUUHVSRQVHVIRUIXWXUHUHIHUHQFH
'LYLGHWKHFODVVLQWRWHQJURXSVRIDERXWWZRWRWKUHHVWXGHQWVHDFKDQGDVVLJQHDFKJURXSDSDJHRI
WKHERRNWRPDNH,QVWUXFWWKHJURXSVRQKRZWRPDNHWKHDQLPDOVWRJRRQWKHLUSDJH)RUH[DPSOH
WKH\FDQFRORURUSDLQWGLUHFWO\RQWKHSDJHWKH\FDQFUHDWHDQLPDOVRXWRIFRQVWUXFWLRQSDSHUDQG
JOXHWKHPRQWKHSDJHRUWKH\FDQÀQGDQLPDOSLFWXUHVLQROGPDJD]LQHVWRFXWRXWDQGJOXHRQWKH
SDJH
>q^k\bl^,
-&22
D-,
$IWHUWKHLQGLYLGXDOSDJHVDUHFRQVWUXFWHGJDWKHUWKHFODVVWRJHWKHUWRÀQDOL]HWKHERRN$VNWKH
JURXSVWRGHVFULEHWKHLUSDJHVWRWKHUHVWRIWKHFODVV$WWKLVWLPHODEHOWKHSDJHVIRUH[DPSOH´
EHDUVµ´HOHSKDQWVµDQGVRRQ
(QFRXUDJHVWXGHQWVWRPDNHFRPPHQWVRQWKHLUFODVVPDWHV·HIIRUWV
+HOSWKHVWXGHQWVGHFLGHRQDWLWOHIRUWKHFODVVFRXQWLQJERRN6RPHSRVVLELOLWLHVLQFOXGH
6PLWK(OHPHQWDU\1XPEHU%RRN
)DUP$QLPDOV&RXQWLQJ%RRN
2XU)DYRULWH7KLQJV$&RXQWLQJ%RRN
2FHDQ&UHDWXUHV²
(YHQWKRXJKDFODVVERRNLVWKHLQWHQGHGUHVXOWRIWKLVSURMHFW\RXPLJKWFRQVLGHUGLVSOD\LQJWKH
SDJHVVLGHE\VLGHDVDZDOOVWRU\ÀUVW7KHSDJHVVKRXOGEHDWWKHVWXGHQWV·H\HOHYHO$IWHUDZHHNRU
VRUHPRYHWKHSDJHVIURPWKHZDOODQGELQGWKHERRNWRFRPSOHWHWKHSURMHFW
-&*))
D--
D--P:RLMHF:D>M>G*
<Zilne^E^llhgLnffZkr
$FWRXWDÀQJHUSOD\ZLWKFRXQWHUVWRORRNDWIDFWVIRU
FZm^kbZel
M^Z\a^k
‡ 7HQ5HG$SSOHVÀQJHUSOD\
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ 7HQFRXQWHUV
5HYLHZWKH7HQ5HG$SSOHVÀQJHUSOD\
3DLUWKHVWXGHQWVDQGSURYLGHHDFKSDLUZLWKFRXQWHUV
7
7RGD\OHW·VXVHWKHVHFRXQWHUVDQGSUHWHQGWKH\DUHWKHDSSOHVLQRXUÀQJHUSOD\
&RXQWDQGPDNHVXUHWKDW\RXDQG\RXUSDUWQHUKDYHFRXQWHUVWRJHWKHU
,QRXUÀQJHUSOD\KRZPDQ\DSSOHVZHUHIRU\RXDQGKRZPDQ\IRUPH"
6
IRU\RXDQGIRUPH
7
6KRZWKDWZLWK\RXUFRXQWHUV
$VWKHVWXGHQWVGRWKLVZLWKDSDUWQHU\RXPLJKW
DUUDQJHPDJQHWLFFKHFNHUVRQWKHERDUGLQWZR
JURXSVRI
7
2QHJURXSRIDQGDQRWKHUJURXSRI
PDNHV
,VWKHUHDQRWKHUZD\WRPDNHWHQ"
6WDUWDOLVWRIZD\VWRPDNHDVVXJJHVWHGE\VWXGHQWVRUPDNHVXJJHVWLRQV\RXUVHOI:LWKHDFK
QHZVXJJHVWLRQ\RXPD\OLNHWRUHZRUGWKHÀQJHUSOD\DFFRUGLQJO\)RUH[DPSOH
7
7HQDSSOHVJURZRQDWUHH
6L[IRU\RXDQGIRXUIRUPH
/HW·VVKDNHWKHWUHHMXVWVR
$QGWHQUHGDSSOHVZLOOIDOOEHORZ
/LVWWKHFRPELQDWLRQVRQWKHERDUG'RQRWEHFRQFHUQHGZLWKWU\LQJWRVKRZHYHU\FRPELQDWLRQ
IRU
-&*)*
D-,IDVWXGHQWVXJJHVWVDFRPELQDWLRQVXFKDVDFFHSWWKLVDQGWU\WRUHZRUGWKHÀQJHUSOD\
DFFRUGLQJO\IRUH[DPSOHIRU\RXIRUPHDQGOHIWLQWKHWUHH
,QVWUXFWVWXGHQWVWRVKRZDWOHDVWWZRZD\VWRPDNHWHQLQWKHLUPDWKMRXUQDOV6XJJHVWWKDWWKH\GUDZ
DSLFWXUHDQGZULWHWKHQXPEHUV
-&*)+
D-.
D-.D:&;EH<DL,
<Zilne^E^llhgLnffZkr
3UDFWLFHVKDSHFRORUDQGVL]HUHFRJQLWLRQZLWK.$EORFNV
FZm^kbZel
M^Z\a^k
‡ 6KDSHVERRNIURPWKHOLWHUDWXUH
OLVW
Lmn]^gm
‡ 6HWRI.$EORFNV
>q^k\bl^*
6HOHFWDERRNDERXWVKDSHVIURPWKHOLWHUDWXUHOLVWWRUHDGDORXGDQGGLVFXVVZLWKWKHFODVV$FRXSOH
RIJRRGFKRLFHVDUH6TXDUHLVD6KDSH$%RRNDERXW6KDSHVE\6KDURQ/HUQHURU7KH:LQJRID
)OHD$%RRNDERXW6KDSHVE\(G(PEHUO\
>q^k\bl^+
3URYLGHHDFKVWXGHQWZLWKDVHWRI.$EORFNV'HVFULEHYDULRXV.$EORFNVWRWKHVWXGHQWVDV
LQGLFDWHGEHORZDQGLQVWUXFWWKHVWXGHQWVWRÀJXUHRXWZKLFKSLHFH\RXDUHGHVFULELQJDQGKROGLWXS
,WLVHDV\WRYDU\WKHOHYHORIGLIÀFXOW\RIWKLVH[HUFLVH%HFDUHIXOWRVHOHFWVXIÀFLHQWO\FKDOOHQJLQJ
TXHVWLRQVDQGSURFHHGDWDEULVNSDFH7KHIROORZLQJDUHH[DPSOHVRILQVWUXFWLRQV\RXPLJKWJLYH
JURXSHGDFFRUGLQJWRWKHLUOHYHORIGLIÀFXOW\
>Zlr
7
6KRZPHDUHGEORFNDGLIIHUHQWUHGEORFNDQRWKHUGLIIHUHQWUHGEORFN
6KRZPHDWULDQJOHDGLIIHUHQWWULDQJOHDQRWKHUGLIIHUHQWWULDQJOH
6KRZPHDEOXHVTXDUHDGLIIHUHQWRQHDQRWKHUGLIIHUHQWRQH
6KRZPHDEORFNZLWKIRXUVLGHVDGLIIHUHQWRQHDQRWKHUGLIIHUHQWRQH
6KRZPHWZRJUHHQFLUFOHV
Bgm^kf^]bZm^
7
6KRZPHDSLHFHWKDWLVQRWUHGDGLIIHUHQWSLHFHWKDWLVQRWUHGDQRWKHUGLIIHUHQWSLHFH
WKDWLVQRWUHG
6KRZPHDSLHFHWKDWLVQRWDFLUFOHDGLIIHUHQWRQHDQRWKHUGLIIHUHQWRQH
6KRZPHDVTXDUHWKDWLVQRW\HOORZDGLIIHUHQWRQHDQRWKHUGLIIHUHQWRQH
6KRZPHWZRFLUFOHVRIWKHVDPHFRORU
6KRZPHWZRWULDQJOHVRIGLIIHUHQWFRORUV
6KRZPHDJUHHQFLUFOHDQGDUHGVTXDUH
=b_Û\nem
7
6KRZPHDSLHFHWKDWLVUHGDQGLVQRWDWULDQJOHDGLIIHUHQWSLHFHWKDWLVUHGDQGLVQRWD
WULDQJOH
6KRZPHDSLHFHWKDWLVQRWDFLUFOHDQGLVQRWUHGDGLIIHUHQWSLHFH
6KRZPHDSLHFHWKDWLVERWKUHGDQGEOXH7KHUHLVQRVXFKSLHFH
6KRZPHDOOWKHUHGSLHFHVZLWKIRXUVLGHV'RWKH\DOOORRNDOLNH"
-&*),
D-.
<RXPD\OLNHWRJURXSWKHVWXGHQWVLQWRSDLUVRUWKUHHVDQGGLUHFWWKHPWRSOD\WKHDERYHJDPHZLWK
WKHLUJURXS
:ll^llf^gm38VHWKLVRSSRUWXQLW\WRREVHUYHVWXGHQWV·XQGHUVWDQGLQJRIJHRPHWULFWHUPVDQG
FRORUV
>q^k\bl^+
'LVSOD\VRPHRIWKH.$EORFNVRQWKHERDUGRURQDWDEOHDQGPDNHVXUHWKDWHYHU\VWXGHQWFDQ
VHHH[DFWO\ZKLFKSLHFHVDUHLQ\RXUGLVSOD\7KHQFRYHUWKHSLHFHVZLWKDWRZHOPRYHWKHPDURXQG
XQGHUWKHWRZHODQGWKHQUHPRYHRQHRIWKHPLQVXFKDZD\WKDWQRRQHVHHVZKLFKSLHFH\RXKDYH
UHPRYHG8QFRYHUWKHUHPDLQLQJSLHFHV$VNVWXGHQWVZKLFKSLHFHLVPLVVLQJ
7KHÀUVWJDPHVKRXOGEHDVLPSOHRQHZLWKIRUH[DPSOHDVPDOOUHGFLUFOHDODUJH\HOORZWULDQJOH
DQGDVPDOOEOXHVTXDUH,QODWHUJDPHVWKHFRPSOH[LW\RIWKHLQLWLDODUUD\RISLHFHVFDQJUDGXDOO\EH
LQFUHDVHGIRUH[DPSOHVWDUWZLWKDVPDOOUHGFLUFOHDODUJHUHGFLUFOHDVPDOOUHGVTXDUHDQGDVPDOO
JUHHQWULDQJOH5HPRYHRQHRIWKHFLUFOHV
&RQWLQXHXQWLOWKHSUHFLVHLGHQWLÀFDWLRQRIWKHPLVVLQJSLHFHLVSURYLGHGLHLWVFRORUVKDSHDQG
VL]H<RXPD\QHHGWRJLYHVRPHKLQWV)RUH[DPSOH
7SRLQWLQJWRWKHVPDOOUHGVTXDUH7KHSLHFH,KDYHLVQRWWKLVVKDSH«RU
7KHSLHFH,KDYHLVWKLVFRORU«RU
7KHSLHFH,KDYHLVWKLVVL]H
(DFKWLPH\RXXVHWKLVDFWLYLW\SOD\WKHJDPHVHYHUDOWLPHVLQDURZ
-&*)-
D-/
D-/R>L(GH@K:IAL
<Zilne^E^llhgLnffZkr
0DNHJUDSKVLQUHVSRQVHWR\HVQRTXHVWLRQV
FZm^kbZel
M^Z\a^k
‡ <HV1RJUDSKV
‡ 0DUNHUV
‡ 0DQLSXODWLYHVFRXQWHUV
FKHFNHUVRUEORFNV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg33UHSDUH<HV1RJUDSKVHDFKZLWKDGLIIHUHQWTXHVWLRQWRSODFHDWWDEOHVDURXQG
WKHURRPDSSUR[LPDWHO\²7KHTXHVWLRQVFDQEHWLHGWRDFXUUHQWWKHPHRIVWXG\RUVWXGHQWLQWHUHVWDQG
WKH\VKRXOGEHHDVLO\DQVZHUHG\HVRUQR6RPHH[DPSOHVLQFOXGH'LG\RXZRUNDWDFHQWHUWRGD\"'R\RX
OLNHSL]]D"RU'LG\RXZDWFKDFHUWDLQ79SURJUDPODVWQLJKW"
%HJLQE\SODFLQJDWZRFROXPQ<HV1RJUDSKDQGVRPH
PDQLSXODWLYHVDWHDFKWDEOH0RGHOIRUVWXGHQWVKRZWRDQVZHU
D\HVQRTXHVWLRQRQD<HV1RJUDSKE\SODFLQJDPDQLSXODWLYH
LQWKHFROXPQIRUWKHLUDQVZHU,I\RXSUHIHUVWXGHQWVFDQ
ZULWHWKHLUQDPHVRUSXWDFKHFNPDUNUDWKHUWKDQSODFHD
PDQLSXODWLYH
7
$OYOULIKEPIZZA
9ES
.O
7RGD\ZHZLOOJRIURPWDEOHWRWDEOHDQGDQVZHU
VRPHTXHVWLRQVHLWKHU\HVRUQR7KHUHDUHGLIIHUHQW
TXHVWLRQVDWHDFKWDEOHDQG\RXZLOOKDYHDFKDQFHWR
DQVZHUDOORIWKHP$V,FRPHDURXQG,ZLOOUHDGWKH
TXHVWLRQDW\RXUWDEOHWKHQ\RXZLOODQVZHUE\SXWWLQJ
DEORFNRUFRXQWHULQWKH\HVRUQRFROXPQ$IWHU\RX
KDYHDQVZHUHGWKHTXHVWLRQDW\RXUWDEOHUHPDLQ
VHDWHGTXLHWO\XQWLO,WHOO\RXWRPRYH
0RYHIURPWDEOHWRWDEOH:KHQDOOWKHVWXGHQWVKDYHDQVZHUHGKDYHWKHPPRYHWRWKHQH[WWDEOH
DQGUHSHDWWKHSURFHVV<RXZLOOQHHGWRGHFLGHRQWKHEHVWZD\WRPDQDJHWKHPRYHPHQWVRWKDW
HYHU\VWXGHQWKDVDFKDQFHWRDQVZHUDOOWKHTXHVWLRQV
$IWHUDOOWKHVWXGHQWVKDYHDQVZHUHGDOOWKHTXHVWLRQVGLVSOD\WKHTXHVWLRQVRQFKDUWSDSHURURQWKH
ERDUGVRHYHU\RQHFDQVHHDQGUHDGWKHP5HDGHDFKTXHVWLRQDQGDVNWKHVWXGHQWVDWWKHWDEOHZLWK
WKDWTXHVWLRQWRFRXQWDQGYHULI\WKHQXPEHUVRI\HVDQGQRUHVSRQVHV:ULWHWKHUHVXOWRQWKHERDUG
QH[WWRWKHTXHVWLRQ)RUH[DPSOH
$OYOULIKEPIZZA
$IDYOUWATCHTELEVISIONLASTNIGHT
$IDYOUWORKATACENTERTODAY
9ES
.O
-&*).
D-/
'LVFXVVZLWKWKHFODVVDQVZHUVWRTXHVWLRQVVXFKDVWKHIROORZLQJ
‡ 'LGPRUHSHRSOHDQVZHU\HVRUQRWRWKHTXHVWLRQDERXWBBBBB"
‡ :KLFKTXHVWLRQKDVWKHPRVWQRDQVZHUV"
‡ 'LGDOOWKHVWXGHQWVDQVZHUHDFKWLPH"
‡ +RZGR\RXNQRZ"
2QFHWKHFODVVLVIDPLOLDUZLWK\HVQRJUDSKLQJ\RXPD\OLNHWRDVND´TXHVWLRQRIWKHGD\µWRZKLFK
WKHVWXGHQWVUHVSRQG\HVRUQR<RXFDQUHYLHZWKHJUDSKDVDFORVLQJDFWLYLW\
-&*)/
D-0
D-0?K>B@AMMK:BGL
<Zilne^E^llhgLnffZkr
$FWRXWDQGSLFWXUHDUHODWLRQVKLSEHWZHHQHQJLQHVDQGIUHLJKWFDUV
FZm^kbZel
M^Z\a^k
‡ )UHLJKW7UDLQE\'RQDOG&UHZV
RU(QJLQHRQWKH7UDFNÀQJHUSOD\
‡ &RORUHGFKDON
‡ /DUJHVWULQJORRS
‡ $UURZPDQLSXODWLYHV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg30DNHDUURZPDQLSXODWLYHVE\FXWWLQJVWULQJRU\DUQLQWRPHWHUOHQJWKV0DNH
HQRXJKVRWKHUHDUHDSSUR[LPDWHO\DVPDQ\DVWKHUHDUHVWXGHQWVLQWKHFODVV
>q^k\bl^*
5HDG)UHLJKW7UDLQE\'RQDOG&UHZVRUXVHWKH(QJLQHRQWKH7UDFNÀQJHUSOD\%ULHÁ\WDONZLWK
\RXUVWXGHQWVDERXWWUDLQV*REDFNWKURXJKWKHERRNFRXQWLQJFDUVGLVFXVVLQJORQJYVVKRUWWUDLQV
DQGSRVLWLRQRIFDUVÀUVWPLGGOHODVW
>g`bg^hgma^MkZ\d
+HUHLVWKHHQJLQHRQWKHWUDFN
+ROGXSWKXPE
+HUHLVWKHFRDOFDUMXVWLQEDFN
+ROGXSSRLQWHUÀQJHU
+HUHLVWKHER[FDUWRFDUU\IUHLJKW
+ROGXSPLGGOHÀQJHU
+HUHLVWKHPDLOFDU'RQ·WEHODWH
+ROGXSULQJÀQJHU
:D\EDFNKHUHDWWKHHQGRIWKHWUDLQ
+ROGXSOLWWOHÀQJHU
5LGHVWKHFDERRVHWKURXJKWKHVXQDQGUDLQ
7
/HW·VPDNHDFODVVWUDLQ:KRZRXOGOLNHWREHRXUHQJLQH"
6HOHFWDVWXGHQWWREHWKHHQJLQHDQGWRVWDQGDWWKHIURQWRIWKHFODVV
7
:KRZRXOGOLNHWREHRXUFRDOFDU"
'RHVRXUFRDOFDUJRLQIURQWRIRUEHKLQGRXUHQJLQH"%HKLQG
6HOHFWDQRWKHUVWXGHQWWREHWKHFRDOFDUDQGWRVWDQGEHKLQGWKHHQJLQH
-&*)0
D-0
&RQWLQXHZLWKWKHUHVWRIWKHFDUVLQWKHVWRU\$IWHUVHOHFWLQJDVWXGHQWWREHWKHFDERRVHOHWWKH
UHPDLQLQJVWXGHQWVEHRWKHUFDUVLQEHWZHHQ5HPLQGWKHHQJLQHVWXGHQWQRWWRPRYHWRRIDVW:KHQ
WKHOLYHWUDLQKDVZDONHGDURXQGWKHURRPVD\
7
,DPWKHVWDWLRQPDVWHUDQG,ZDQWWRNQRZKRZPDQ\FDUVDUHLQWKLVWUDLQ
/HW·VFRXQWWKHPDVWKH\SDVVLQIURQWRIPH
>q^k\bl^+
7HOOWKHFODVVWKDWWKH\DUHJRLQJWRDFWRXWDGLIIHUHQWWUDLQVWRU\ZLWK\RX7KLVWLPHHYHU\RQHLQWKH
FODVVLVJRLQJWREHDFDULQDWUDLQ
7
)LUVWZHQHHGWRNQRZKRZPDQ\VWXGHQWVDUHKHUHWRGD\VRZHNQRZKRZPDQ\FDUVZH
KDYH+RZFDQZHÀQGRXW"
6
&RXQWRXUVHOYHV
&RQGXFWDFRXQWE\DVNLQJWKHVWXGHQWVWRFRXQWRIIDV\RXSRLQWWRWKHP1H[WFKRRVHÀYHVWXGHQWV
WRSUHWHQGWKH\DUHHQJLQHV/D\WKHVWULQJORRSRQWKHÁRRUDQGGLUHFWWKHPWRVWDQGLQVLGHRILW7HOO
WKHUHVWRIWKHFODVVWRSUHWHQGWKH\DUHIUHLJKWFDUVWKH\VKRXOGVWDQGRXWVLGHWKHVWULQJORRS
$VNHDFKHQJLQHVWXGHQW´+RZPDQ\IUHLJKWFDUVOHVVWKDQZRXOG\RXOLNHRQ\RXUWUDLQ"µ*LYH
WKHVWXGHQWRQHDUURZPDQLSXODWLYHIRUHDFKIUHLJKWFDUDQGGLUHFWWKHHQJLQHVWXGHQWWRH[WHQGDQ
DUURZPDQLSXODWLYHWRHDFKIUHLJKWFDUVWXGHQWWKH\VHOHFWIRUWKHLUWUDLQ
5HSHDWWKLVSURFHVVXQWLODOOWKHHQJLQHVKDYHH[WHQGHGDUURZPDQLSXODWLYHVWRWKHLUUHVSHFWLYH
IUHLJKWFDUV
7HOOWKHFODVVWKDW\RXDUHJRLQJWRGUDZDSLFWXUHRIWKLVWUDLQ
VWRU\RQWKHERDUG
7
7KHVHGRWVDUHIRUHQJLQHV+RZPDQ\HQJLQHV
DUHWKHUH")LYH
(QFRXUDJHWKHVWXGHQWVWRDQVZHUZLWKRXWFRXQWLQJ7KHQOHW
VRPHRQHFKHFNE\FRXQWLQJ
7
1RZ,·PJRLQJWRGUDZGRWVRXWVLGHWKH
VWULQJIRUWKHIUHLJKWFDUV
&RXQWWKHPDV,GUDZ
+RZPDQ\IUHLJKWFDUVDUHWKHUH"
'UDZDEOXHDUURZDVLOOXVWUDWHG$V\RXGUDZWKHDUURZDVN
7
:KDWGR\RXWKLQNWKLVDUURZPHDQV"
6
7KLVHQJLQHLVSXOOLQJWKLVIUHLJKWFDU
6
7KLVHQJLQHFKRVHWKLVIUHLJKWFDU
<RXPD\QHHGWRFODULI\WKHGLUHFWLRQRIWKHDUURZE\UHDGLQJLWDV\RXWUDFHWKHDUURZIURPHQJLQH
-&*)1
D-0
WRIUHLJKWFDU´7KLVHQJLQHSXOOVWKLVIUHLJKWFDUµ
/RRNLQJDWWKHDUURZPDQLSXODWLYHVIURPHDFK
HQJLQHVWXGHQWWRIUHLJKWFDUVWXGHQWVDGGDUURZV
WR\RXUGUDZLQJRQHE\RQH3DXVHDIWHU\RX
FRPSOHWHWKHDUURZVVWDUWLQJDWRQHHQJLQHWRDVN
7
+RZPDQ\IUHLJKWFDUVLVWKLVHQJLQH
SXOOLQJ"7KUHH
&RPSOHWH\RXUSLFWXUHRQWKHERDUGWRORRNOLNHWKHVWXGHQWV·SRUWUD\DORIWKHVWRU\)RUH[DPSOH
&RQWLQXHWRDVNYDULRXVTXHVWLRQVDERXWWKHDUURZ
SLFWXUH)RUH[DPSOH
7
:KLFKIUHLJKWFDUVLVWKLVHQJLQHSXOOLQJ"
:KLFKHQJLQHLVSXOOLQJWKLVIUHLJKWFDU"
:KDWFDQ\RXWHOOPHDERXWWKLVHQJLQH"
,VRQHHQJLQHSXOOLQJPRUHIUHLJKWFDUV
WKDQDOOWKHRWKHUV"
,QYLWHVWXGHQWVWRFUHDWHWKHLURZQHQJLQHDQGIUHLJKWFDUVWRULHV(QFRXUDJHDQ\IRUPRI
UHSUHVHQWDWLRQLHSLFWXUHVREMHFWVVWULQJVDQGDUURZVGRWVDQGVRRQ
-&*)2
-&**)
D-1
D-1<:E<NE:MHKBGMKH=N<MBHG+
<Zilne^E^llhgLnffZkr
([SORUHWKHFDOFXODWRUDQGORFDWHYDULRXVNH\V/HDUQKRZWRHQWHUDQGFOHDUQXPEHUV
IURPWKHGLVSOD\
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRURUFDOFXODWRU
SRVWHU
Lmn]^gm
‡ &DOFXODWRU
'LVSOD\WKHRYHUKHDGFDOFXODWRURUDFDOFXODWRUSRVWHU5HYLHZVRPHRIWKHGLVFXVVLRQDERXWWKH
FDOFXODWRUDVDQHOHFWURQLFWRROIURP/HVVRQ.,I\RXGRQRWKDYHDQRYHUKHDGFDOFXODWRUOHW
VWXGHQWVORFDWHDQGQDPHSDUWVRIWKHFDOFXODWRURQWKHSRVWHUEXWXVHDFODVVFDOFXODWRUWRFKHFN
ZKDWKDSSHQVZKHQ\RXSUHVVFHUWDLQNH\V
7
/HW·VWU\WRÀQGVRPHRIWKHSDUWVRIWKHFDOFXODWRU:KDWNH\EXWWRQWXUQVWKHFDOFXODWRU
RQ"
$VNVWXGHQWVWRSRLQWRXWWKHRQNH\LIDYDLODEOHQXPEHUNH\VGLVSOD\DQGFOHDUNH\
7
+RZZRXOGZHSXWRQWKHGLVSOD\"
6
3UHVVCDDQGWKHQCL
7
:KDWKDSSHQVZKHQ\RXSUHVVWKHFOHDUNH\"
6
FRPHVEDFNRQWKHGLVSOD\
6
<RXHUDVHWKH
'LVFXVVDQGRUUHYLHZWKHQDPHVRIYDULRXVSDUWVRIWKHFDOFXODWRU/RFDWHDOOWKHQXPEHUNH\VLQ
RUGHU
7
&RXOGZHSXWVRPHRWKHUQXPEHUVRQWKHGLVSOD\"
/HWVWXGHQWVFKRRVHRWKHUQXPEHUVWRSXWRQWKHGLVSOD\IRUH[DPSOHDIDYRULWHQXPEHUDURRP
QXPEHURUWKHQXPEHURIVWXGHQWVLQWKHFODVV
Ghm^3,IVWXGHQWVHQWHUWKHLUDJHVEHSUHSDUHGWRH[SODLQKRZWRHQWHU¼DVRUDJUHHWRMXVW
HQWHURU
'LVWULEXWHDFDOFXODWRUWRHDFKVWXGHQWRUWRSDLUVRIVWXGHQWV$VNVWXGHQWVWRHQWHUYDULRXVQXPEHUV
DQGWKHQWRFOHDUEHIRUHHQWHULQJDQRWKHUQXPEHU)RUH[DPSOHGLUHFWWKHPWRHQWHUWKHLUDJH
WKHQXPEHURIZLQGRZVLQWKHURRPWKHOXQFKFRXQWWKHGDWHRUVRPHVSHFLÀFRQHRUWZRGLJLW
QXPEHUV,IVWXGHQWVDUHZRUNLQJZLWKDSDUWQHURQHVWXGHQWPLJKWFKRRVHDQXPEHUDQGWKHRWKHU
VWXGHQWHQWHULW
-&***
D-1
7
3XWWKHQXPEHURQ\RXUGLVSOD\KDVRQHGLJLW
:KDWDUHVRPHRWKHURQHGLJLWQXPEHUV"
,I\RXUVWXGHQWVDUHLQWHUHVWHGLQWURGXFHWZRDQGWKUHHGLJLWQXPEHUVDVZHOOHDFKWLPHFRXQWLQJ
WKHGLJLWV3UDFWLFHQDPLQJWZRDQGWKUHHGLJLWQXPEHUVDQGSXWWLQJWKHPRQWKHFDOFXODWRU
7
:KDWDUHWKHPRVWGLJLWVZHFDQKDYHLQDQXPEHUGLVSOD\HGRQWKHFDOFXODWRU"
/HWVWXGHQWVLQYHVWLJDWHIRUDZKLOHXQWLOWKH\ÀQGWKDWWKHGLVSOD\ZLOOKROGQRPRUHWKDQHLJKWGLJLWV
,IVWXGHQWVDUHUHDG\WRH[SORUHRWKHUNH\VIHHOIUHHWRH[SODLQVRPHRIWKHPDQGWRJLYHVLPSOH
H[SODQDWLRQV)RUH[DPSOH´7KH²NH\RQO\FKDQJHVWKHQXPEHUIURPSRVLWLYHWRQHJDWLYHµ
-&**+
D-2
D-2GNF;>K;N@L*
<Zilne^E^llhgLnffZkr
3UDFWLFHPDNLQJQXPEHUVZLWKDYDULHW\RIPDWHULDOV
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJERRNVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &HQWHUPDWHULDOV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg36HWXSVHYHUDOFHQWHUVZKHUHVWXGHQWVFDQGUDZQXPEHUVXVLQJPDWHULDOVVXFKDV
FRUQPHDOVDQGVKDYLQJFUHDPÀQJHUSDLQWDQGVRRQ
>q^k\bl^*
6HOHFWDFRXQWLQJERRNVXFKDV&RXQWDQG6HHE\7DQD+REDQWRUHDGDORXGWRWKHFODVV
>q^k\bl^+
7
'R\RXUHPHPEHU-RG\WKHJLUOZKRZRUNVDWWKHSHWVKRSZLWKWKHÀVK":HOO-RG\ZDV
KHOSLQJKHUXQFOHDWWKHSHWVKRSWKHRWKHUGD\ZKHQDVKLSPHQWRIQXPEHUEXJVDQG
EXJKRXVHVDUULYHGDWWKHVWRUH-RG\ZDVVRH[FLWHGWKDWVKHRSHQHGWKHFRQWDLQHUZLWK
WKHQXPEHUEXJVLQLWDQGWRRNWKHPDOORXW+HUXQFOHQRWLFHGWKDWHDFKEXJKRXVHKDG
DQXPEHURQLW²$QRWKHUEXJKRXVHKDGQRQXPEHUEXWDOD\HURIVDZGXVWRQWKH
ERWWRP+HDVNHG-RG\WRPDNHVXUHDOOWKHQXPEHUEXJVZHUHSODFHGLQWKHFRUUHFWEXJ
KRXVHV-RG\ZDVQ·WTXLWHVXUHZKHUHWREHJLQ/HW·VKHOS-RG\GHFLGHZKLFKQXPEHUEXJ
JRHVLQWRZKLFKEXJKRXVH
'LVFXVVZLWKVWXGHQWVZD\VRIPDWFKLQJQXPEHUEXJVZLWKEXJKRXVHV$VWXGHQWPD\VXJJHVW
WKDW-RG\SXWDEXJLQWKHEXJKRXVHZLWKWKHVDZGXVWWRVHHZKDWKDSSHQV,IVRDVNWKHIROORZLQJ
TXHVWLRQ
7
:KDWZRXOGKDSSHQLI-RG\SXWDQXPEHUEXJLQWKHEXJKRXVHZLWKVDZGXVW"
6
7KHEXJZRXOGFUDZODURXQG
6
1RWKLQJ
7
1XPEHUEXJVFUDZOLQSDWKVWRIRUPQXPEHUVLQWKHVDZGXVW7KH\GUDZQXPEHUVLQWKH
VDZGXVW:KDWQXPEHUGR\RXWKLQNWKHEXJZLOOGUDZ"
6
:HGRQ·WNQRZ
7
-RG\SXWDQXPEHUEXJLQWKHEXJKRXVHZLWKWKHVDZGXVWDQGWKHQXPEHUEXJGLGLQGHHG
GUDZDQXPEHU-RG\ZDWFKHGDVWKHQXPEHUEXJPDGHLWVZD\WKURXJKWKHVDZGXVW
6ORZO\GUDZDSDWKRQWKHERDUGWRIRUPWKHQXPEHU<RXPLJKWXVHWKHVLGHRIDSLHFHRIFKDONRU
\RXPLJKWFRYHUDVPDOOVHFWLRQRIWKHERDUGZLWKFKDONDQGIRUPWKHQXPEHUZLWK\RXUÀQJHULQWKH
FKDONGXVW
-&**,
D-2
7
:KDWEXJKRXVHVKRXOG-RG\SXWWKLVQXPEHUEXJLQWR"
6
7KHRQHZLWKRQLW
7
5LJKW-RG\FDQSXWWKLVQXPEHUEXJLQWKHEXJKRXVHIRU
7
-RG\VPRRWKHGRXWWKHVDZGXVWVHOHFWHGDQRWKHUQXPEHUEXJDQGSODFHGLWLQWKHVDZGXVW
,WPDGHDSDWKOLNHWKLV
7
:KDWEXJKRXVHVKRXOG-RG\SXWWKLVQXPEHUEXJLQWR"
6
7KHRQHZLWKWKHRQLW
7
5LJKW-RG\FDQSXWWKLVQXPEHUEXJLQWKHEXJKRXVHIRU
'LUHFWWKHVWXGHQWVWRZRUNDWRQHRIWKHFHQWHUVZKHUHWKH\FDQGUDZQXPEHUVOLNHWKHQXPEHU
EXJVGR
$OORZSOHQW\RIWLPHIRUVWXGHQWVWRGUDZQXPEHUVDWWKHFHQWHUV7KH\PD\VHOHFWQXPEHUVRIWKHLU
FKRLFHRU\RXFDQVXJJHVWQXPEHUVIRUWKHPWRZRUNZLWK
$VNVWXGHQWVWRGUDZDSLFWXUHLQWKHLUPDWKMRXUQDORIWKHQXPEHUVWKH\PDGHDWWKHFHQWHUVWRGD\
6HWXSRWKHUQXPEHUZULWLQJFHQWHUVZKHUHVWXGHQWVFDQXVHPDWHULDOVVXFKDVSLSHFOHDQHUVEORFNV
RUMXPSURSHVWRIRUPLQWRQXPEHUV6WLOORWKHUFHQWHUVPLJKWLQYROYHVWXGHQWVLQDFWLYLWLHVVXFKDV
WKRVHGHVFULEHGLQ.1XPEHU&RYHUVRU1XPEHU5XEELQJV
-&**-
D.)
D.):=CNLMF>GM(:LL>LLF>GM=:R.
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDJURXSRIVWXGHQWVRUIRUWKHHQWLUHFODVV
0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRUWKH
QXPEHUVLQWKHOHVVRQ.&RQVWUXFWLQJ3DWWHUQVFDQEHUHSHDWHGWRKHOSVWXGHQWVUHFRJQL]HDQG
H[WHQGSDWWHUQV.0HDVXULQJ7RROVFDQEHUHSHDWHGE\VHWWLQJXSVWDWLRQVDVOLVWHGLQ([HUFLVH
DQGDOORZLQJVWXGHQWVWRSUDFWLFHPHDVXULQJDWHDFKRIWKHVWDWLRQV
7KHIROORZLQJDFWLYLWLHVDUHH[WHQVLRQVRUDGGLWLRQDOSUDFWLFHZLWKWKHLGHDVIRXQGLQ/HVVRQV.
DQG.
IZmm^kgPZeel
3URYLGHVWXGHQWVZLWKSDWWHUQEORFNVIRUIUHHH[SORUDWLRQ
$IWHUDVKRUWIUHHSOD\SHULRGGLUHFWVWXGHQWVWRPDNHDZDOOZLWKWKHLUEORFNVDQGWRWU\WRPDNHWKH
ZDOOKDYHDSDWWHUQ)RUH[DPSOH
<RXFDQPDNHWKLVDFWLYLW\PRUHGLUHFWHGE\SURYLGLQJVWXGHQWVZLWKSDWWHUQZDOOGHVLJQVRQODUJH
LQGH[FDUGV3UHSDUHWKHFDUGVE\ÀUVWPDNLQJFRQVWUXFWLRQSDSHUFXWRXWVRISDWWHUQEORFNSLHFHV
DQGWKHQJOXLQJWKHPWRWKHFDUGLQWKHGHVLJQRIDSDWWHUQEORFNZDOO*LYHVWXGHQWVWKHVHFDUGVWR
ÀUVWUHSOLFDWHZLWKSDWWHUQEORFNVDQGWKHQWRH[WHQGWKHSDWWHUQEH\RQGZKDWLVVKRZQRQWKHFDUG
6RPHVDPSOHFDUGVDUHVKRZQEHORZ
Libeema^;^Zgl
<RXFDQXVHFRPPHUFLDOWZRFRORUFRXQWHUVIRUWKLVH[HUFLVHRUPDNH\RXURZQVHWDVIROORZV7DNH
DEDJRIODUJHEHDQVHJGULHGOLPDEHDQVOD\WKHPRQDSLHFHRISDSHUDQGVSUD\SDLQWRQHVLGH
RIWKHEHDQVLQDQ\FRORU
7
:HDUHJRLQJWRSOD\6SLOOWKH%HDQVWRGD\$IWHUVSLOOLQJWKHEHDQVZHZLOOGUDZSLFWXUHV
RIRXUQXPEHUFRPELQDWLRQVLQRXUPDWKMRXUQDOV
'HPRQVWUDWHVSLOOLQJWKHEHDQVE\VHOHFWLQJDQXPEHUIRUZKLFK
\RXZDQWWRÀQGFRPELQDWLRQVIRUH[DPSOHVHYHQ3ODFHVHYHQ
EHDQVLQWKHFXSVKDNHWKHPZLWK\RXUKDQGRYHUWKHRSHQLQJ
WKHQGXPSWKHPRQDWDEOHWRSPDW
$VNDVWXGHQWWRFRXQWWKHQXPEHURIEHDQVVKRZLQJRQHRIWKHFRORUVIRUH[DPSOHUHGZKLOH\RX
-&**.
D.)
GUDZWKHVDPHQXPEHURIREMHFWVLQWKDWFRORURQWKHERDUG7U\WRGUDZWKHPWKHZD\WKH\ORRN
RQWKHWDEOHWRS$VNDQRWKHUVWXGHQWWRFRXQWWKHQXPEHURIEHDQVVKRZLQJWKHRWKHUFRORUIRU
H[DPSOH\HOORZZKLOH\RXGUDZWKHVHDOVRRQWKHERDUGLQWKHLUFRORU
$VNDJDLQIRUWKHQXPEHULQUHGDQGWKHQXPEHULQ\HOORZDQG
WKHWRWDOQXPEHU:ULWHDQXPEHUVHQWHQFHDVVWXGHQWVJLYH\RX
WKHQXPEHUV
3LFNXSWKHEHDQVDQGUHSHDWWKHSURFHVV<RXZLOOPRVWOLNHO\REWDLQDGLIIHUHQWFRPELQDWLRQIRU
$IWHU\RXKDYHPRGHOHGÀQGLQJFRPELQDWLRQVIRUOHWVWXGHQWVVHOHFWDQXPEHUIRUZKLFKWKH\
ZDQWWRÀQGFRPELQDWLRQV²ZRUNZHOO'LVWULEXWHDFXSDQGEHDQVFRXQWHUVWRSDLUVRIVWXGHQWV
RUVPDOOJURXSV7KHQDVNWKHPWRUHSOLFDWHWKHSURFHVVDQGUHFRUGFRPELQDWLRQVLQWKHLUMRXUQDOV
WDNLQJWXUQVVSLOOLQJWKHEHDQV
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·SDWWHUQLQJVNLOOVRUWKHLUSURJUHVVLQÀQGLQJFRPELQDWLRQVIRUDQXPEHU
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.*HRERDUG2YHUKHDGJHRERDUGRUWUDQVSDUHQF\JHRSDSHUWUDQVSDUHQF\
.1XPEHU%XJV7DFWLOHPDWHULDOVWRIRUPQXPHUDOV
.&5RGV&URGV
.&DOFXODWRU,QWURGXFWLRQ2YHUKHDGFDOFXODWRURUWUDQVSDUHQF\
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUHRUÀQJHUSOD\V.....
-&**/
D.*
D.*?ERBG@;BK=L
<Zilne^E^llhgLnffZkr
$FWRXWDVWRU\ZLWKELUGVWRZRUNRQQXPEHUWUDQVIRUPDWLRQVDGGLQJWRWDNLQJIURP
PRUHOHVV
FZm^kbZel
M^Z\a^k
‡ )LYH/LWWOH%URZQ%LUGV
ÀQJHUSOD\
‡ 0DJQHWLFERDUG
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ %HDNVRSWLRQDO
:]oZg\^Ik^iZkZmbhg38VHSDSHUGULQNLQJFXSVRUFRQVWUXFWLRQSDSHUWRPDNHEHDNV
>q^k\bl^*
,QWURGXFHWKHÀQJHUSOD\)LYH/LWWOH%URZQ%LUGVRUDQRWKHURI\RXUFKRLFH
>q^k\bl^+
Ghm^36HOHFWWKHQXPEHU\RXZRUNZLWKLQWKLVOHVVRQEDVHGRQWKHQXPHULFDODELOLWLHVRI\RXU
VWXGHQWV
&KRRVHÀYHVWXGHQWVWRSUHWHQGWKH\DUHELUGVDQGWR´Á\µWRWKHIURQWRIWKHFODVV,I\RXOLNH
\RXFDQKDYHHDFKRIWKHPZHDUDEHDN
7
7KHVHDUHELUGVDQGWKH\DUHÁ\LQJDURXQG1RZWKH\KDYHODQGHG'LUHFWWKHVWXGHQWV
WRVWRSPRYLQJ+RZPDQ\RIWKHPDUHWKHUH")LYH
&DOORQDVWXGHQWQRWDELUGWRORFDWHRQWKHQXPEHUOLQHZKLOHWKHRWKHUVWXGHQWVSRLQWWRRQ
WKHLUGHVNQXPEHUOLQHV
9HU\REYLRXVO\VHOHFWRQHELUGVWXGHQWDQGGLUHFWKLPWRÁ\EDFNWRKLVVHDW
7
$UHWKHUHVWLOOÀYHELUGVKHUH"
6
1R
7
$UHWKHUHPRUHWKDQÀYHRUOHVVWKDQÀYH"
6
/HVVEHFDXVHRQHÁHZDZD\
7
+RZPDQ\DUHWKHUH"
6
)RXU
$VNWKHELUGZKRVDWGRZQWRÁ\EDFNDQGUHMRLQWKHRWKHUELUGV
7
+RZPDQ\DUHWKHUHQRZ"
6
)LYH
-&**0
D.*
6HOHFWWKUHHPRUHVWXGHQWVWREHELUGVDQGWRMRLQWKHRWKHUVDWWKHIURQWRIWKHFODVV,IWKHVWXGHQWV
DUHZHDULQJEHDNVDVNWKHWKUHHQHZELUGVZHDUWREHDNVRIDGLIIHUHQWVKDSHRUFRORU
7
$UHWKHUHVWLOOÀYH"
6
1RQRZWKHUHDUHPRUHWKDQÀYH
7
+RZPDQ\PRUH"
6
7KUHH
$VNWKHWKUHHQHZELUGVWRUHWXUQWRWKHLUVHDWV
7
+HUHDUHÀYHELUGVDJDLQ
9HU\REYLRXVO\ZDONRQHRIWKHUHPDLQLQJÀYHELUGVWRKHUVHDWDQGEULQJEDFNRQHRIWKHWKUHHELUGV
VLWWLQJGRZQ
7
$UHWKHUHVWLOOÀYH"
6
<HV<RXRQO\VZLWFKHGELUGV
7HOODOOWKHELUGVWRÁ\EDFNWRWKHLUVHDWV
>q^k\bl^,
2QWKHPDJQHWLFERDUGUHSHDWWKHELUGV·DFWLYLWLHVXVLQJFKHFNHUVWRUHSUHVHQWELUGV&KRRVHD
GLIIHUHQWQXPEHUIRUH[DPSOHVHYHQ
8VHVHYHQFKHFNHUVRIWKHVDPHFRORU0RYHWKHPDURXQGZLWKRXWDGGLQJRUUHPRYLQJDQ\EHYHU\
REYLRXVDERXWWKLV(DFKWLPHDVNLIWKHUHDUHVWLOOVHYHQ
$OWHUQDWHH[DPSOHVLQZKLFK\RXFKDQJHWKHQXPEHUZLWKH[DPSOHVLQZKLFK\RXGRQRW$IWHUHDFK
PRYHJREDFNWRWKHRULJLQDOQXPEHURIFKHFNHUV
-&**1
D.+
D.+@>H;H:K=L,
<Zilne^E^llhgLnffZkr
&RS\VKDSHVRQWKHJHRERDUG0DNHDQGGHVFULEHFKDQJHVWRDVKDSHRQWKHJHRERDUG
2EVHUYHWKDWWXUQLQJWKHJHRERDUGGRHVQRWFKDQJHDVKDSHRULWVVL]H
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGJHRERDUGDQG
JHREDQGV
Lmn]^gm
‡ *HRERDUGDQGJHREDQGV
'LVSOD\DQRYHUKHDGJHRERDUGDQGSURYLGHHDFKVWXGHQWRUSDLURIVWXGHQWVZLWKDJHRERDUGDQGMXVW
RQHJHREDQG
>q^k\bl^*
7
,·PJRLQJWRSXWDVKDSHRQP\JHRERDUGDQG,ZRXOGOLNH\RXWRFRS\LWH[DFWO\RQ\RXU
JHRERDUGV
3XWDVLPSOHVKDSHVXFKDVD[VTXDUHRQWKHRYHUKHDG$V\RXFKHFNWKDWWKHVWXGHQWVDUHFRS\LQJ
WKHVKDSHRQWKHLUJHRERDUGVDVNWKHFODVVZKDWWKH\FDQWHOO\RXDERXWWKLVVKDSHIRXUHTXDOVLGHV
IRXUFRUQHUVDVTXDUHDQGVRRQ
7
1RZ,·PJRLQJWRFKDQJHWKLVVKDSHDQG,·GOLNH\RXWRFKDQJH\RXUVLQWKHVDPHZD\
'HOLEHUDWHO\PRYHWKHJHREDQGDWRQHFRUQHUVHH{LQWKHLOOXVWUDWLRQEHORZDQGFKHFNWKDW
VWXGHQWVGRWKHVDPH$VNWKHVWXGHQWVWRGHVFULEHKRZWKHVKDSHFKDQJHGDQGWRWHOO\RXDERXWWKH
QHZVKDSH0DNHDFRXSOHPRUHFKDQJHVDVNLQJVWXGHQWVWRFRS\ZKDW\RXGRRQWKHLUJHRERDUGV
IRUH[DPSOHVHH|DQG}LQWKHLOOXVWUDWLRQEHORZ$IWHUHDFKFKDQJHDVNWKHVWXGHQWVWRGHVFULEH
WKHFKDQJHDQGWRWHOO\RXDERXWWKHQHZVKDSH
x
y
z
{
'LUHFWWKHVWXGHQWVWRZRUNZLWKDSDUWQHUXVLQJWZRJHRERDUGVRUWZRVHWVRISDUWQHUVDQGWZR
JHRERDUGV2QHVWXGHQWSDLUSXWVRQDVKDSHZLWKRQHJHREDQGDQGWKHQWKHRWKHUVWXGHQWSDLU
FRSLHVWKHVKDSHRQWKHLUJHRERDUG7KHQUHYHUVHUROHV
>q^k\bl^+
&OHDU\RXURYHUKHDGJHRERDUGDQGDQQRXQFHWRWKHFODVVWKDW\RXDUHJRLQJWRSXWRQDGLIIHUHQW
VKDSH$JDLQSXWRQDIDLUO\VLPSOHVKDSHVXFKDVWKDWVKRZQLQLOOXVWUDWLRQ{RQWKHQH[WSDJH
-&**2
D.+
7
,SXWDVKDSHRQP\JHRERDUGDQG,ZRXOGOLNH\RXWRFRS\LWH[DFWO\RQ\RXUJHRERDUGV
&KHFNWKDWVWXGHQWVKDYHFRPSOHWHGWKHWDVNDQGWKHQDVNWKDWWKH\WHOO\RXDERXWWKHVKDSH
7
1RZZDWFKDV,WXUQWKHJHRERDUGWXUQWKHJHRERDUGDTXDUWHUWXUQ'RZHVWLOOKDYHWKH
VDPHVKDSHRQWKHJHRERDUG"+RZGRHVLWORRNWKHVDPH"+RZGRHVLWORRNGLIIHUHQW"
3RLQWRXWWKDW\RXGLGQRWPRYHWKHJHREDQG6WXGHQWVVKRXOGREVHUYHWKDWLWLVVWLOOWKHVDPHVKDSH
DQGVL]HHYHQWKRXJKLWORRNVGLIIHUHQWZKHQ\RXWXUQWKHJHRERDUG&RQWLQXHZLWKDFRXSOHPRUH
WXUQVDQGVLPLODUTXHVWLRQVDQGREVHUYDWLRQV
x
y
z
{
'LUHFWWKHVWXGHQWVWRZRUNZLWKDSDUWQHUXVLQJRQHJHRERDUG2QHVWXGHQWSXWVRQDVKDSHZLWKRQH
JHREDQGDQGWKHRWKHUSXWVRQWKHVDPHVKDSHDQGVL]HZLWKDVHFRQGJHREDQG2UDWWKHVDPHWLPH
WKHWZRVWXGHQWVSXWRQWZRVKDSHVWKDWDUHWKHVDPHVL]HDQGVKDSH
-&*+)
D.,HG>&MH&HG><HKK>LIHG=>G<>*
D.,
<Zilne^E^llhgLnffZkr
3DLUGLIIHUHQWFRORUHGFRXQWHUVWRHVWDEOLVKRQHWRRQHFRUUHVSRQGHQFHEHWZHHQFKLOGUHQ
DQGWR\V'LVFXVVYDULHGGLDJUDPVRIFKLOGUHQDQGWR\VXVLQJWKHWHUPVPRUHDQGOHVV
FZm^kbZel
M^Z\a^k
‡ &RXQWHUVRUFKHFNHUV
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
Ghm^3,QVWHDGRISODFLQJFKHFNHUVRUFRXQWHUVRQWKHÁRRU\RXPD\SUHIHUWRFRQGXFWWKLVDFWLYLW\
XVLQJEOXHDQGUHGPDJQHWLFFKHFNHUVRQDPDJQHWLFERDUGRUGUDZLQJUHGDQGEOXHGRWVRQWKH
FKDONERDUG2QWKHFKDONERDUGGUDZFRQQHFWLRQVEHWZHHQGRWVWRVKRZDFRUUHVSRQGHQFH
3ODFHVL[UHGFRXQWHUVRUFKHFNHUVRQDODUJHSLHFHRISDSHURQWKHÁRRURURQDWDEOH
7
7KHVHUHGFKHFNHUVDUHIRUFKLOGUHQ+RZPDQ\DUHWKHUH"6L[
1RZ,DPJRLQJWRSXWRXWVRPHEOXHFKHFNHUV7KH\DUHIRUWR\VRUFDQGLHVRUERRNV
+RZPDQ\WR\V"
6
)LYHWR\V
7
<HV6L[FKLOGUHQDQGÀYHWR\V
:ULWHLQUHGDQGLQEOXHEHVLGHWKHGUDZLQJ
7
(DFKFKLOGZDQWVDWR\WRSOD\ZLWK:KDWGR\RXWKLQNLVJRLQJWRKDSSHQ"
6
7KHUHDUHQ·WHQRXJKWR\V
6
7ZRFKLOGUHQZLOOKDYHWRSOD\ZLWKRQHWR\
$QVZHUVVXFKDVWKHVHLQGLFDWHWKDW\RXUVWXGHQWVKDYHWKHULJKWLGHD,QDQ\FDVHEHQRQFRPPLWDO
DQGVD\
7
:HOOOHW·VVHH7KLVFKLOGWDNHVWKLVWR\
0RYHDUHGFKHFNHUWRJHWKHUZLWKDEOXHFKHFNHU
,QYLWHVWXGHQWVWRÀQLVKSDLULQJWKHFKLOGUHQZLWKWKHWR\VDV
LOOXVWUDWHGKHUH
,I\RXZHUHQRWYHU\VXFFHVVIXOZKHQ\RXÀUVWDVNHG´:KDWGR
\RXWKLQNLVJRLQJWRKDSSHQ"µ\RXFDQDVNDJDLQZKHQWKHUH
DUHRQO\WZRUHGFKHFNHUVDQGRQHEOXHFKHFNHUOHIW
-&*+*
D.,
:KHQWKHPDWFKLQJLVFRPSOHWHDVNVRPHTXHVWLRQVDQGLQVLVWWKDWVWXGHQWVXVHWKHFKHFNHUVWR
H[SODLQWKHLUDQVZHUV
7
'RHVHYHU\FKLOGKDYHDWR\"1R
+DYHDOOWKHWR\VEHHQWDNHQ"<HV
,QP\VWRU\WKHUHDUHVL[FKLOGUHQDQGÀYHWR\V$UHWKHUHPRUHFKLOGUHQRUPRUHWR\V"
6
&KLOGUHQ
7
6L[LVPRUHWKDQÀYH)LYHLVOHVVWKDQVL[7KHUHDUHPRUHFKLOGUHQ+RZPDQ\PRUH"
2QH
5HSHDWWKHDERYHDFWLYLW\WKLVWLPHXVLQJHLJKWUHGFKHFNHUVIRUFKLOGUHQDQGWHQEOXHFKHFNHUVIRU
WR\V)LUVWOHWWKHVWXGHQWVFRXQWKRZPDQ\RIHDFKDQGSUHGLFWZKDWZLOOKDSSHQWKLVWLPH
7
$UHWKHUHPRUHFKLOGUHQRUPRUHWR\V"
6
0RUHWR\V
7
+RZPDQ\PRUH"7KHUHDUHWZRPRUHWR\VWKDQ
FKLOGUHQEXWGRQ·WZRUU\LIWKLVDQVZHULVQRWJLYHQ
QRZ/HW·VFKHFN
,QYLWHVWXGHQWVWRSDLUWKHFKLOGUHQDQGWR\V
7
'RHVHYHU\FKLOGKDYHDWR\WKLVWLPH"<HV
+DYHDOOWKHWR\VEHHQWDNHQ"1R
7KHUHDUHPRUHWR\VWKDQFKLOGUHQ7HQLVPRUHWKDQ
HLJKW+RZPDQ\PRUH"
6
7ZR
&DOORQVRPHRQHWRSRLQWWRWKHWZROHIWRYHUWR\V
3URYLGHVWXGHQWVZLWKUHGDQGEOXHFKHFNHUVRUFRXQWHUV
7
,QWKHÀUVWVWRU\WKHUHZHUHPRUHFKLOGUHQWKDQWR\V,QWKHVHFRQGVWRU\WKHUHZHUHPRUH
WR\VWKDQFKLOGUHQ,ZRXOGOLNH\RXWRVKRZDVWRU\ZLWKWKHVDPHQXPEHURIFKLOGUHQDV
WR\V
:KHQPRVWRIWKHVWXGHQWVKDYHÀQLVKHGDVNVRPHRIWKHPWRVKDUHWKHLUVWRULHVZLWKWKHFODVV
&RPPHQWRQWKHP)RUH[DPSOH
7
/LRQHOKRZPDQ\FKLOGUHQDUHLQ\RXUVWRU\"
6
)LYH
7
$QGKRZPDQ\WR\V"
6
)LYH
-&*++
D.,
7
7HUU\\RXKDYHFKLOGUHQDQGWR\V'RHVHYHU\FKLOGKDYHDWR\"
6
<HV
7
'RHVHYHU\WR\JHWWDNHQE\DFKLOG"/RRNFDUHIXOO\
6
1R
7
/RRNDW0DQG\·VFKHFNHUV7KHUHDUHPDQ\WR\VEXWZHFDQHDVLO\VHHWKDWHYHU\FKLOGKDV
DWR\DQGHYHU\WR\ZDVWDNHQE\DFKLOG
<RXPD\OLNHWRVXJJHVWVWXGHQWVGUDZDSLFWXUHRIWKHLUVWRULHVLQWKHLUPDWKMRXUQDOV
6XJJHVWSDUHQWVJXDUGLDQVSURYLGHRSSRUWXQLWLHVWRXVHPDWFKLQJRQHWRRQHFRUUHVSRQGHQFHLQ
DQVZHULQJPRUHOHVVTXHVWLRQV)RUH[DPSOH
‡ 3XWVRPHVSRRQVDQGIRUNVRQWKHWDEOH$UHWKHUHPRUHVSRRQVRUIRUNV"
‡ 3XWVRPHFRLQVSHQQLHVDQGQLFNHOVLQDSLOH$UHWKHUHPRUHSHQQLHVRUQLFNHOV"
‡ ([DPLQHDJDPHZLWKWZRFRORUVRIPDUNHUVRUFKHFNHUV$UHWKHUHPRUHRIRQHFRORURUWKH
RWKHU"
-&*+,
-&*+-
D.-
D.-GNF;>K;N@L+
<Zilne^E^llhgLnffZkr
3UDFWLFHPDNLQJQXPEHUVZLWKDYDULHW\RIPDWHULDOV
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJERRN
‡ &HQWHUPDWHULDOVVHH/HVVRQ
.
Lmn]^gm
‡ 1RQH
5HSHDW/HVVRQ.FKRRVLQJDGLIIHUHQWFRXQWLQJERRNDQGSRVVLEO\GLIIHUHQWPDWHULDOVWRXVHDW
FHQWHUV7U\WRDUUDQJHWKDWVWXGHQWVZRUNDWGLIIHUHQWFHQWHUVWKDQWKH\GLGIRU/HVVRQ.
-&*+.
-&*+/
D..
D..<ABE=K>G:G=AHNL>L
<Zilne^E^llhgLnffZkr
,QYHVWLJDWHDUHODWLRQEHWZHHQFKLOGUHQDQGKRXVHVXVLQJWKHODQJXDJHVRIVWULQJVDQG
DUURZV3RVHVRPHFRXQWLQJDQGQXPEHUFRPSDULVRQTXHVWLRQVDERXWWKHVWRU\
FZm^kbZel
M^Z\a^k
‡ $+RXVHIRU(YHU\RQHE\%HWW\
0LOHVRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDGDORXGWRWKHFODVVDVWRU\VXFKDV$+RXVHIRU(YHU\RQHE\%HWW\0LOHVRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
$UUDQJHWKDWVHYHUDOWDEOHVLQWKHURRPFDQEHXVHGDVWKH´KRXVHVµGHVFULEHGLQWKHIROORZLQJ
GLDORJXH2WKHUZLVHFKRRVHVRPHWKLQJHOVHWRXVHDVKRXVHVIRUWKLVDFWLYLW\
7
7RGD\ZHDUHJRLQJWRSUHWHQGWKDWWKHVHWDEOHVDUHKRXVHVDQGWKDWFKLOGUHQDWWKHWDEOHV
OLYHLQWKRVHKRXVHV
6HQGWKUHHVWXGHQWVWRRQHRIWKHWDEOHVDQGWKHQDVNRQHRIWKHP
7
6XVDQKRZPDQ\FKLOGUHQOLYHLQ\RXUKRXVH"
6
7KUHH
6HQGIRXUVWXGHQWVWRDVHFRQGWDEOHDQGWZRRWKHUVWXGHQWVWRDWKLUGWDEOH
7
:KLFKKRXVHWDEOHKDVPRUHWKDQWKUHHFKLOGUHQLQLW"
7RPKRZPDQ\FKLOGUHQDUHOLYLQJLQ\RXUKRXVH"
6
)RXU
7SRLQWLQJWRWKHWKLUGWDEOH+RZPDQ\FKLOGUHQDUHOLYLQJLQWKLVKRXVH"
6
7ZR
,I\RXKDYHDIRXUWKWDEOHOHDYHLWHPSW\QRFKLOGUHQDQGDVN
7
+RZPDQ\FKLOGUHQDOWRJHWKHUOLYHLQWKHVHIRXUKRXVHV"
6
1LQH
-&*+0
D..
7
'RHVHYHU\KRXVHKDYHVRPHFKLOGUHQLQLW"
6
2QHKRXVHGRHVQRW
7
/HW·VGUDZDSLFWXUHRIRXUFKLOGUHQDQGKRXVHVVWRU\RQWKHERDUG
'UDZVWULQJVDQGGRWVRQWKHERDUGDVWKHFODVVUHLWHUDWHVWKHVLWXDWLRQ
7
+RZPDQ\FKLOGUHQ"1LQH
+RZPDQ\KRXVHV")RXU
#HILDREN
'UDZWKUHHDUURZVIURPWKUHHFKLOGUHQWRRQHKRXVHDV\RXDVNDJDLQ
#HILDREN
7
6XVDQKRZPDQ\FKLOGUHQDUHLQ
\RXUKRXVH"7KUHH
7
:KDWGR\RXWKLQNWKHVHEOXH
DUURZVDUHIRU"
6
7KHVHFKLOGUHQOLYHLQWKLVKRXVH
(OUSES
(OUSES
7SRLQWLQJWRRQHRIWKHFKLOGGRWVDWWKHVWDUW
RIDEOXHDUURZ6XVDQOLYHVLQWKLVKRXVH
7KLVFKLOGOLYHVLQWKHVDPHKRXVH3RLQWWRDQRWKHUFKLOGGRWDWWKHVWDUWRIDEOXHDUURZ
$QGWKLVFKLOGDOVROLYHVLQWKHVDPHKRXVH3RLQWWRWKHWKLUGGRWDWWKHVWDUWRIDEOXH
DUURZ
1RRWKHUFKLOGUHQOLYHLQWKLVKRXVH6RKRZPDQ\FKLOGUHQOLYHLQWKLVÀUVWKRXVH"
6
7KUHH
3RLQWWRHDFKFKLOGGRWZKHUHDEOXHDUURZVWDUWVDQGDVNDFKLOGDW6XVDQ·VWDEOHWRVWDQG
&RPSOHWH\RXUGUDZLQJRQWKHERDUGRQH
KRXVHDWDWLPHKDYLQJVWXGHQWVVXJJHVWZKHUH
WRGUDZDUURZVDQGKHOSLQJWRORFDWHGRWVIRUD
SDUWLFXODUFKLOGRUKRXVH
3RLQWWRDGRWLQWKHFKLOGUHQVWULQJ
7
&DQ\RXSRLQWWRWKHGRWIRUWKHKRXVH
LQZKLFKWKLVFKLOGOLYHV"
5HSHDWWKLVIRUVHYHUDOGRWVLQWKHFKLOGUHQVWULQJ
-&*+1
#HILDREN
(OUSES
D..
1H[WSRLQWWRDGRWLQWKHKRXVHVWULQJ
7
&DQ\RXSRLQWWRGRWVIRUFKLOGUHQZKROLYHLQWKLVKRXVH"
:KHQDVWXGHQWKDVFRUUHFWO\LQGLFDWHGDOOWKHFKLOGUHQZKROLYHLQDVSHFLÀFKRXVHDVNKLPRUKHUWR
WUDFHDURXQGWKHFKLOGUHQXVLQJDÀQJHURUDSRLQWHU'UDZWKHVWULQJ\RXUVHOI
#HILDREN
(OUSES
5HSHDWWKLVTXHVWLRQIRUHDFKKRXVHWKDWLVRFFXSLHGE\FKLOGUHQ
7
'RHVHDFKRIWKHVHQLQHFKLOGUHQOLYHLQRQHRIWKHIRXUKRXVHV"<HV
'RHVHYHU\KRXVHKDYHVRPHRIWKHVHQLQHFKLOGUHQOLYLQJLQLW"1R
:KLFKKRXVHKDVWKHPRVWFKLOGUHQOLYLQJLQLW"7KHRQHZLWKIRXUFKLOGUHQ
:KLFKKRXVHKDVWKHOHDVWFKLOGUHQOLYLQJLQLW"7KHRQHZLWKQRFKLOGUHQ
$UHWKHUHWZRKRXVHVZLWKWKHVDPHQXPEHURIFKLOGUHQOLYLQJLQWKHP"1R
,QYLWHVWXGHQWVWRGUDZSLFWXUHVLQWKHLUPDWKMRXUQDOVDERXWWKHLURZQFKLOGUHQDQGKRXVHVVWRU\
-&*+2
-&*,)
D./
D./<&KH=L.
<Zilne^E^llhgLnffZkr
$VVLJQQXPEHUQDPHVWRWKH&URGVDV\RXEXLOGD&URGVWDLUFDVH
FZm^kbZel
M^Z\a^k
‡ 'HPRQVWUDWLRQ&URGV
Lmn]^gm
‡ &URGV
>q^k\bl^*
'LVSOD\\RXUVHWRIGHPRQVWUDWLRQ&URGVDQGSURYLGHHDFKVWXGHQWRUSDLURIVWXGHQWVZLWKDVHWRI
&URGV
7
/HW·VJLYHQXPEHUQDPHVWRRXU&URGV:KLFKURGLVWKHVPDOOHVWVKRUWHVW"
6
:KLWH
7
/HW·VFDOOWKHZKLWHURG´µ
'LVSOD\WKHZKLWHURGDQGZULWHXQGHULW
7
:KLFKURGLVMXVWDOLWWOHORQJHUWKDQWKHZKLWHURG"
6
5HG
7
+RZPDQ\ZKLWHURGVGRZHQHHGWREXLOGDWUDLQWKHVDPHOHQJWKDVDUHGURG"
7U\LWZLWK\RXUURGV
:KHQWKHFODVVGHFLGHVWKDWWZRZKLWHURGVPDNHDUHGURGDVN
7
:KDWQXPEHUQDPHVKRXOGZHJLYHWKHUHGURG"
6
$JUHHWRQDPHWKHUHGURG´µGLVSOD\LWQH[WWRWKHZKLWHURG
DQGZULWHXQGHUWKHUHGURG
&RQWLQXHLQWKLVZD\GHFLGLQJIRUHDFKURGKRZPDQ\ZKLWH
URGVPDNHDWUDLQWKHVDPHOHQJWKDQGWKHQXVLQJWKLVFRXQWWR
JLYHDQXPEHUQDPHWRWKHURG,QWKLVZD\\RXUGLVSOD\ZLOO
HYHQWXDOO\ORRNOLNHWKHVWDLUFDVHLQ/HVVRQ.ZLWKQXPEHUV
IURPWRZULWWHQXQGHUWKHURGV
-&*,*
D./
<RXPD\RFFDVLRQDOO\ZDQWWRZULWHDFRUUHVSRQGLQJQXPEHUVHQWHQFHRQWKHERDUGZKHQGHFLGLQJ
ZKDWQXPEHUQDPHWRJLYHDURG)RUH[DPSOH
<RXPD\DOVROLNHWRREVHUYHWKHVHTXHQFHRIURGVDQGQXPEHUVJHQHUDWHGE\DGGLQJDZKLWHURG)RU
H[DPSOH
$OORZVWXGHQWVWLPHWRSOD\ZLWKWKH&URGVDQGHQFRXUDJHWKHPWRORRNIRURWKHUSDWWHUQVDQGWUDLQV
6XJJHVWVWXGHQWVUHFRUGWKH&URGVWDLUFDVHDQGQXPEHUQDPHVIRUWKHURGVLQWKHLUPDWKMRXUQDOV
-&*,+
D.0
D.0I>HIE>I:MM>KGL
<Zilne^E^llhgLnffZkr
0DNHSDWWHUQVXVLQJSHRSOHWKHQXVHSDWWHUQLQJPDWHULDOVWRFRQWLQXHDQGH[WHQG
SDWWHUQV
FZm^kbZel
M^Z\a^k
‡ 3HWHU7DSV2QH+DPPHU
ÀQJHUSOD\
Lmn]^gm
‡ 0DQLSXODWLYHVVXFKDVEHDGV
8QLÀ[ŠFXEHVEORFNV
.$EORFNVDQGVRRQ
‡ 0DWKMRXUQDORUSDSHU
>q^k\bl^*
5HYLHZSUHYLRXVÀQJHUSOD\VRULQWURGXFHDQHZRQHVXFKDV3HWHU7DSV2QH+DPPHU<RXU
VWXGHQWV·QDPHVFDQEHVXEVWLWXWHGIRU3HWHUDQGRWKHUREMHFWVFDQEHVXEVWLWXWHGIRUWRROVIRU
H[DPSOH´.DLE\ULQJVRQHEHOOWKLVÀQHGD\µDQGVRRQ
>q^k\bl^+
7HOOWKHFODVVWKDWWRGD\WKH\DUHJRLQJWRPDNHSDWWHUQVZLWKJLUOVDQGER\V
$VNIRUYROXQWHHUVWRFRPHWRWKHIURQWRIWKHFODVVWRFUHDWHDSDWWHUQ$UUDQJHWKHYROXQWHHUVJLUO
ER\JLUOER\JLUOER\
7
,IZHXVHGQXPEHUVWRGHVFULEHWKLVSDWWHUQZKDWZRXOGLWVRXQGOLNH"
6
2QHWZRRQHWZRRQHWZR«
7
7KDW·VWUXHLIZHVD\´RQHµIRUDJLUODQG´WZRµIRUDER\&DQ\RXWHOOXVDQRWKHUZD\
WKHVHFKLOGUHQFRXOGPDNHDSDWWHUQWKDWVRXQGVWKHVDPH"
6
6WDQGVLWVWDQGVLWVWDQGVLW
6
$UPVXSDUPVGRZQDUPVXSDUPVGRZQDUPVXSDUPVGRZQ
7
*UHDWH[DPSOHV/HW·VVHHLIZHFDQPDNHDSDWWHUQZLWKFKLOGUHQWKDWVRXQGVGLIIHUHQW
/HWVWXGHQWVVXJJHVWSDWWHUQVWKHQFUHDWHWKHPZLWKVWXGHQWYROXQWHHUV$VNVWXGHQWVWRGHVFULEH
WKHPZLWKQXPEHUVRUOHWWHUVDQGSRVVLEO\ÀQGRWKHUZD\VRIGHVFULELQJWKHSDWWHUQV<RXPD\
QHHGWRVXJJHVWDQRWKHUSDWWHUQRUWZR\RXUVHOIEHIRUHVWXGHQWVFDWFKRQ6RPHSDWWHUQLGHDVDUHWKH
IROORZLQJ
RQHRQHWZRRQHRQHWZR«
³
JLUOJLUOER\JLUOJLUOER\«
RU VWDQGVWDQGVLWVWDQGVWDQGVLW«
RQHWZRWKUHHRQHWZRWKUHH«
³
RU
DUPVXSDUPVIRUZDUGDUPVGRZQDUPVXS DUPVIRUZDUGDUPVGRZQ«
IDFHIRUZDUGIDFHVLGHZD\VIDFHEDFNZDUGIDFH
IRUZDUGIDFHVLGHZD\VIDFHEDFNZDUG«
-&*,,
D.0
>q^k\bl^,
'LYLGHWKHFODVVLQWRWKUHHRUIRXUVPDOOJURXSV3URYLGHHDFKJURXSZLWKDVHWRIPDQLSXODWLYHVVXFK
DVEHDGV8QLÀ[ŠFXEHVSDWWHUQEORFNV.$EORFNVDQGVRRQ$VNVWXGHQWVWRXVHWKHPDQLSXODWLYHV
WRPDNHSDWWHUQVDQGWRUHFRUGWKHPLQWKHLUPDWKMRXUQDOVRURQSDSHU
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·SDWWHUQLQJVNLOOV
7KLVZRXOGEHDJRRGWLPHWRVHQGKRPHDOHWWHUWRSDUHQWVJXDUGLDQVDERXWSDWWHUQVLQPDWKHPDWLFV
DQGWRVXJJHVWWKH\ORRNZLWKWKHLUFKLOGIRUSDWWHUQVDWKRPH%ODFNOLQH.KDVDVDPSOHOHWWHU
-&*,-
D.1
D.11*KHL>L
<Zilne^E^llhgLnffZkr
8VHWKHPDWKHPDWLFDOODQJXDJHVRIVWULQJVDQGDUURZVWRSRUWUD\LQFLGHQWVLQDVWRU\
FZm^kbZel
M^Z\a^k
‡ 2QHFRS\RI5RVHV6WRU\ERRN
Lmn]^gm
‡ 2QHFRS\RI5RVHV6WRU\ERRN
IRUHDFKSDLURIVWXGHQWV
$OWKRXJK5RVHVXVHVWKHPDWKHPDWLFDOODQJXDJHVRIGRWVDUURZVDQGVWULQJVLWLVDVWRU\DQGFDQ
EHXVHGLQFODVVDV\RXPLJKWXVHRWKHUVWRU\ERRNV2EVHUYHWKHVWULQJDQGDUURZSLFWXUHVZLWKWKH
FODVVEXWWU\QRWWRRYHUHPSKDVL]HWKHPDWKHPDWLFDODVSHFWV
<RXPD\ZRQGHUZK\WKLVVWRU\ERRNDQGRWKHUVLVLQFOXGHGLQWKH&603FXUULFXOXP3DUWRIWKH
UHDVRQLVWRVKRZVWXGHQWVWKDWWKHVHPDWKHPDWLFDOODQJXDJHVDUHSRZHUIXOXVHIXODQGDVQDWXUDODV
WKHLURZQVSRNHQODQJXDJH&603EHOLHYHVWKDWWKHUHLVURRPLQWKHZRUOGRIPDWKHPDWLFVWRH[SUHVV
HPRWLRQDQGWRJLYHIUHHUHLQWRFKLOGUHQ·VZRQGHUIXOLPDJLQDWLRQV
([SHULHQFHVXJJHVWVWKDWIRUWKLVSDUWLFXODUVWRU\ERRNLWLVEHWWHUQRWWRJLYH\RXUVWXGHQWVFRSLHV
RIWKHERRNULJKWDWWKHEHJLQQLQJRIWKHOHVVRQLWPD\EHPRUHGLVWUDFWLQJWKDQXVHIXO7DNHFDUH
KRZHYHUWRJLYHWKHVWXGHQWVDQRSSRUWXQLW\WRORRNDWWKHUHDOLVWLFSLFWXUHVLQWKHERRNDV\RXDUH
UHDGLQJWKHVWRU\E\KROGLQJXS\RXUFRS\,I\RXZLVKWRIRFXVRQDSDUWLFXODUSLFWXUHFRS\LWRQWR
WKHERDUG
+HUHDUHVRPHTXHVWLRQV\RXPD\ZLVKWRGLVFXVVDV\RXUHDGWKHVWRU\EXWEHFDUHIXOQRWWRGHVWUR\
WKHVWRU\DWPRVSKHUH
IZ`^0
7
:KDWGR\RXWKLQNWKHEOXHDUURZLVIRU"7KHEOXHDUURZWHOOV\RXWKDWWKHGRJLVIROORZLQJ
LWVPRWKHU3RLQWWRWKHGRJDQGWKHQWRWKHPRWKHU
IZ`^2
7
+RZPDQ\GRWVDUHWKHUHLQWKHEOXHVWULQJ":KRDUHWKH\IRU"
IZ`^*,
7
&DQ\RXÀQGWKHQXPEHURQWKLVSDJH":KDWDUHWKHRWKHUQXPEHUV"
IZ`^l*-*.
7
+RZPDQ\FRRNLHVZHUHWKHUHWRVWDUWZLWK"+RZPDQ\FRRNLHVZHUHOHIWDIWHUWKHGRJDWH
WKUHHRIWKHP"
-&*,.
D.1
IZ`^*/*0
7KLVZRXOGEHDJRRGSODFHWRVWRSWKHVWRU\LI\RXIHHOLWLVWRRORQJIRU\RXUFODVVWRWDNHDWRQH
VLWWLQJ<RXFDQÀQLVKUHDGLQJLWDQRWKHUWLPH,I\RXEUHDNWKHVWRU\LQWRWZRVHVVLRQVEHVXUHWRDVN
WKHVWXGHQWVZKDWWKH\UHPHPEHUDERXWWKHVWRU\EHIRUH\RXVWDUWWKHVHFRQGVHVVLRQ
IZ`^+)
7
:KLFKGRWGR\RXWKLQNUHSUHVHQWVWKHPRWKHU":KDWGRWKHRWKHUGRWVUHSUHVHQW"
IZ`^+*
7
+RZPDQ\GRWVDUHWKHUHLQWKHEOXHVWULQJ":KRDUHWKH\IRU"
:KRDUHWKHWZRGRWVRXWVLGHWKHEOXHVWULQJIRU"
IZ`^+7
'R\RXKDYHDQ\LGHDKRZROGWKHOLWWOHGRJ·VPRWKHULVQRZ"
7HOOWKHVWXGHQWVWRSD\FORVHDWWHQWLRQDV\RXFRQWLQXHWRUHDGWKHVWRU\VRWKDWWKH\FDQÀQGRXW
$IWHUUHDGLQJWKHVWRU\WRWKHFODVV\RXPD\OLNHWRDOORZVWXGHQWVWRORRNDWWKHVWRU\ERRNZLWKD
SDUWQHUDWWKHLURZQSDFH(QFRXUDJHWKHPWRIHHOIUHHWRWDONDERXWWKHVWRU\ZLWK\RXRUZLWKWKHLU
SDUWQHURUWRPDNHDGUDZLQJDERXWLWLIWKH\ZLVK<RXPD\OLNHWRPDNHDWOHDVWRQHFRS\RIWKLV
VWRU\ERRNDYDLODEOHLQDUHDGLQJFHQWHUIRUVWXGHQWVZKRZLVKWRJODQFHWKURXJKLWLQWKHLUVSDUHWLPH
-&*,/
D.2
D.2<:E<NE:MHKBGMKH=N<MBHG,
<Zilne^E^llhgLnffZkr
5HYLHZKRZWRHQWHUDQGFOHDUQXPEHUVIURPWKHFDOFXODWRUGLVSOD\3XWDYDULHW\RIRQH
WZRDQGSRVVLEO\WKUHHGLJLWQXPEHUVRQWKHGLVSOD\
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRURUFDOFXODWRU
SRVWHU
‡ %ORFNVRURWKHUFRXQWHUV
Lmn]^gm
‡ &DOFXODWRU
'LVSOD\WKHRYHUKHDGFDOFXODWRURUFDOFXODWRUSRVWHU5HYLHZWKHORFDWLRQRIYDULRXVNH\VRQWKH
FDOFXODWRUKRZWRWXUQRQWKHFDOFXODWRUDQGKRZWRFOHDUSXWEDFNRQWKHGLVSOD\
7
:KDWGR\RXQRWLFHDERXWKRZWKHQXPEHUNH\VDUHORFDWHGRQWKHFDOFXODWRU"
6
7KH\DUHLQRUGHURUUHYHUVHRUGHU
6
=HURLVRQWKHERWWRPDQGWKH\JRXSWR
6
7KHURZVDUHDQG
'LVWULEXWHFDOFXODWRUVVRWKDWHDFKVWXGHQWRUSDLURIVWXGHQWVKDVDFDOFXODWRUWRXVH
7
,·PJRLQJWRZULWHDQXPEHURQWKHERDUG7KHQ\RXSXWWKHQXPEHURQWKHGLVSOD\RI
\RXUFDOFXODWRU
,IVWXGHQWVDUHZRUNLQJLQSDLUVVXJJHVWRQHVWXGHQWHQWHUWKHQXPEHUZKLOHWKHRWKHUFKHFNV$IWHU
FKHFNLQJVXJJHVWWKHRWKHUVWXGHQWWDNHWKHFDOFXODWRUFOHDUWKHGLVSOD\DQGJHWUHDG\WRHQWHUWKH
QH[WQXPEHU
5HSHDWWKLVH[HUFLVHZLWKVHYHUDORQHWZRDQGSRVVLEO\WKUHHGLJLWQXPEHUV7KHQVD\DQXPEHU
ZLWKRXWZULWLQJLWRQWKHERDUG$IWHUVWXGHQWVHQWHUWKHQXPEHURQWKHLUFDOFXODWRUVZULWHWKH
QXPEHURQWKHERDUGIRUFKHFNLQJ5HSHDWVHYHUDOWLPHV
,IVWXGHQWVDUHZRUNLQJLQSDLUVLQVWUXFWWKHPWRFRQWLQXHWKLVDFWLYLW\E\OHWWLQJRQHVWXGHQWVD\
DQXPEHUDQGWKHRWKHUSXWLWRQWKHFDOFXODWRU2WKHUZLVHOHWLQGLYLGXDOVWXGHQWVH[SORUHWKH
FDOFXODWRUDVWKH\OLNHIRUDVKRUWZKLOH
,QWKHLUPDWKMRXUQDOVDVNVWXGHQWVWRZULWHVRPHRIWKHQXPEHUVWKH\SXWRQWKHFDOFXODWRUWRGD\
-&*,0
-&*,1
D/):=CNLMF>GM(:LL>LLF>GM=:R/
D/)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDJURXSRIVWXGHQWVRUIRUWKHHQWLUHFODVV
0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRUWKH
QXPEHUVLQWKHOHVVRQ7KLVLVDOVRDJRRGWLPHWROHWVWXGHQWVZRUNLQDFHQWHURURQDSURMHFWRI\RXU
FKRLFH
7KHIROORZLQJDFWLYLWLHVDUHVXJJHVWHGWRJLYHVWXGHQWVPRUHH[SHULHQFHLQQXPEHUDQGSDWWHUQ
UHFRJQLWLRQ
Gnf^kZe<Zk]@Zf^
3XWVWXGHQWVLQJURXSVRIWKUHHWRÀYH2QHVWXGHQWFKRRVHVDQXPHUDOFDUGVKRZLQJRQHRIWKH
QXPEHUVIURPWRDQGVKRZVLWWRDVHFRQGVWXGHQW7KHVHFRQGVWXGHQW´WDSVµWKDWPDQ\WLPHV
,IWKHVHFRQGVWXGHQWWDSVWKHQXPEHUFRUUHFWO\KHRUVKHPD\FKRRVHWKHQH[WQXPHUDOFDUG,ID
PLVWDNHLVPDGHWKHVWXGHQWZKRVSRWVWKHPLVWDNHFKRRVHVQH[W
6RPHYDULDWLRQVRIWKLVDFWLYLW\DUHWKHIROORZLQJ
‡ 7KHVHFRQGVWXGHQWUHDGVWKHQXPHUDOFDUGDQGWKHQSRLQWVWRLWRQWKHQXPEHUOLQH
‡ 3OD\WKHJDPHXVLQJDOORIWKHQXPHUDOFDUGVLQWKHGHFN
‡ 2QHDWDWLPHHDFKVWXGHQWLQWKHJURXSWDSVWKHQXPEHULQDQLQWHUHVWLQJSDWWHUQ+HUHDUH
VHYHUDOSRVVLEOHSDWWHUQVIRUÀYH
PahLmhe^ma^<hhdb^8
WDSWDSWDSWDSWDS
WDSWDSWDSWDSWDS
WDSWDSWDSWDSWDS
WDS7$3WDS7$3WDS
'LVWULEXWHQXPHUDOFDUGVWRWKHVWXGHQWV6LQJWKHVRQJ:KR6WROHWKH&RRNLHXVLQJQXPEHUVUDWKHU
WKDQVWXGHQWV·QDPHV7KHVWXGHQWZLWKWKHDSSURSULDWHQXPHUDOFDUGKROGVLWXSDQGUHVSRQGVDWWKH
DSSURSULDWHSODFHLQWKHVRQJ)RUH[DPSOH
7
:KRVWROHWKHFRRNLHIURPWKHFRRNLHMDU"
$OO
VWROHWKHFRRNLHIURPWKHFRRNLHMDU
6KROGLQJ:KRPH"
$OO
<HV\RX
6&RXOGQ·WEH
$OO
7KHQZKR"
6VWROHWKHFRRNLHIURPWKHFRRNLHMDU
6KROGLQJ:KRPH"
&RQWLQXHDVORQJDVWKHUHLVLQWHUHVWRUWKURXJKHLJKWWRWHQQXPEHUV
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHWKHVWXGHQWV·QXPEHUDQGSDWWHUQUHFRJQLWLRQVNLOOV
-&*,2
D/)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
./HQJWK6KRHVVKRHRXWOLQHVVFLVVRUVJOXH
.1XPHUDO:ULWLQJ9DULHW\RIPDQLSXODWLYHVLQGH[FDUGV
.&5RGV&5RGV
.:KDW·V&RRNLQJ",QJUHGLHQWVIRUDUHFLSHPHDVXULQJVSRRQVDQGFXSVERZOV
FKDUWSDSHU
.&RXQWLQJ&DOFXODWRU2YHUKHDGFDOFXODWRUFRXQWHUVFDOFXODWRUV
.7HOHSKRQH1XPEHUV3OD\WHOHSKRQHVWHOHSKRQHSLFWXUHV
.:D\VWR0DNH7HQ$QLPDOKDQGRXWFRXQWHUV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH....
-&*-)
D/*
D/*E>G@MA*
<Zilne^E^llhgLnffZkr
2UGHUVKRHRXWOLQHVE\OHQJWKDQGPDNHVRPHOHQJWKFRPSDULVRQV
FZm^kbZel
M^Z\a^k
‡ 6KRHV
‡ 6KRHRXWOLQHV
Lmn]^gm
‡ 6KRHRXWOLQHV
‡ 3DSHU
‡ 6FLVVRUV
‡ *OXH
:]oZg\^Ik^iZkZmbhg3&ROOHFWDWOHDVWWKUHHVKRHV³RQHDIDLUO\ODUJHPDQ·VVKRHRQHDPHGLXPVL]HG
ZRPHQ·VVKRHDQGRQHEDE\VKRH0DNHVKRHRXWOLQHVRIWKHVHVKRHVDQGODEHOWKHPZLWKWKHDFWXDOQDPHV
RIWKHLURZQHUVRUMXVW´PDQµ´ZRPDQµDQG´EDE\µ
6KRZWKHFODVV\RXUFROOHFWLRQRIVKRHV$VNWKHVWXGHQWVWRWU\WRLGHQWLI\ZKRVHVKRHVWKH\PLJKW
EH/HWWKHPFRPPHQWRQZKDWWKLQJVWKH\QRWLFHDERXWWKHVKRHVWRSUHGLFWWKHLURZQHUV7KHQVKRZ
WKHFODVVKRZ\RXPDGHRXWOLQHVRIWKHVKRHV
7
,SODFHGDVKRHRQSDSHU³VROHGRZQ³DQGWUDFHGDURXQGLW7KHQ,ZURWHZKRVHVKRHLWLV
RQWKHSLFWXUH
$UUDQJHWKHFODVVLQJURXSVRIWKUHHWRÀYHVWXGHQWV'LUHFWWKHVWXGHQWVLQHDFKJURXSWRPDNH
RXWOLQHVRIWKHLUVKRHVRQHVKRHIRUHDFKVWXGHQWRQDSLHFHRISDSHUDQGZULWHWKHLUQDPHVRQWKHLU
VKRHSLFWXUHV7KHQWKH\VKRXOGFXWWKHPRXW
*LYHHDFKJURXSDFRS\RI\RXUVKRHSLFWXUHV7RJHWKHUZLWKWKHLURZQVKRHSLFWXUHVDVNWKHJURXSV
WRRUGHUWKHVKRHVIURPVKRUWHVWWRORQJHVW3URYLGHDODUJHVKHHWRISDSHUDQGJOXHIRUVWXGHQWVWR
JOXHGRZQWKHVKRHRXWOLQHVLQRUGHU$VJURXSVÀQLVKWKHLUZRUNOHWWKHPVKDUHWKHUHVXOWVZLWKWKH
FODVV(QFRXUDJHVWXGHQWVWRGHVFULEHKRZWKH\GHFLGHGZKLFKRIWZRVKRHVZDVORQJHUVKRUWHU
$VNVRPHFRPSDULVRQTXHVWLRQV
7
:KRVHVKRHLVORQJHUVKRUWHU6KHOOH\·VRU$QGUHD·V"
:KRVHVKRHLVORQJHUWKDQ0DUN·VEXWVKRUWHUWKDQ$OH[·V"
'LGDQ\WZRSHRSOHKDYHWKHVDPHOHQJWKVKRHV"
0DNHDFODVVSLFWXUHRIVWXGHQWV·VKRHRXWOLQHVLQRUGHUIURPVKRUWHVWWRORQJHVW
-&*-*
-&*-+
D/+
D/+GNF>K:EPKBMBG@+
<Zilne^E^llhgLnffZkr
3UDFWLFHQXPHUDOZULWLQJDQGPDNHLQGLYLGXDOQXPHUDOFDUGVHWV
FZm^kbZel
M^Z\a^k
‡ &RXQWLQJERRNIURPWKHOLWHUDWXUH
Lmn]^gm
‡ &UD\RQV
OLVW
‡ [LQGH[FDUGV
‡ 9DULHW\RIPDQLSXODWLYHV
‡ 1XPHUDOFDUGV²
:]oZg\^Ik^iZkZmbhg6HWXSQLQHVWDWLRQVRQHIRUHDFKRIWKHQXPHUDOV²$WHDFKVWDWLRQSODFHD
ODUJHQXPHUDOFDUGDQGWKDWQXPEHURIPDQLSXODWLYHVFRXQWHUVEHDQVEORFNVSHQQLHVDQGVRRQ
>q^k\bl^*
5HDGDORXGWRWKHFODVVDFRXQWLQJERRNRI\RXUFKRLFH
>q^k\bl^+
'HPRQVWUDWHKRZWRZULWHHDFKQXPHUDODWWKHERDUG$V\RXGRVR\RXPD\ZLVKWRUHFLWHDOLWWOH
YHUVH+HUHDUHVRPHSRVVLELOLWLHV
$URXQGDQGDURXQGDQGDURXQGZHJR 7KDW·VWKHZD\WRPDNHD]HUR
'RZQDQGDURXQGDQGWKHQDKDW
7KDW·VDÀYHWKDWORRNVVRIDW
'UDZDOLQHDQGWKHQ\RX·UHGRQH
7KDW·VWKHZD\WRPDNHDRQH
:LWKDFXUYLQJOLQHDORRS\RXÀ[
7KDW·VWKHZD\WRPDNHDVL[
$URXQGDQGEDFNDQGWKHQ\RX·UHWKURXJK
7KDW·VWKHZD\WRPDNHDWZR
$FURVVWKHVN\DQGWKHQVWUDLJKWGRZQ
$VHYHQZLOOQHYHUFDXVHDIURZQ
$URXQGDWUHHDQGDURXQGDWUHH
7KDW·VWKHZD\WRPDNHDWKUHH
0DNHDQ´6µEXWGRQRWZDLW
*REDFNXSWRFORVHWKHJDWHWKDW·VDQHLJKW
'RZQDQGRYHUDQGGRZQRQFHPRUH 7KDW·VWKHZD\WRPDNHDIRXU
'UDZDORRSDQGWKHQDOLQH
7KDW·VWKHZD\WRPDNHDQLQH
>q^k\bl^,
*LYHHDFKVWXGHQWWHQXQOLQHG[LQGH[FDUGVDQGLQVWUXFWDVIROORZV
7
,DPJRLQJWRKROGXSP\KDQGDQG,ZDQW\RXWRWHOOPHKRZPDQ\EORFNV,KDYHLQLW
+ROGXSDQHPSW\KDQG
6
1RQH
6
=HUR
7
(YHU\RQHZULWHD]HURRQRQHRIWKHLUFDUGVZKLOH,GUDZ]HURRQWKHFKDONERDUG
7KLVLV\RXUÀUVWQXPEHUFDUG:HDUHDOOJRLQJWRPDNHDVHWRIQXPEHUFDUGV
-&*-,
D/+
'LUHFWWKHVWXGHQWVWRYLVLWWKHQLQHVWDWLRQVLQWKHURRPDQGPDNHDGLIIHUHQWQXPEHUFDUGDWHDFK
7
7KHUHDUHQLQHVWDWLRQVDURXQGWKHURRP(DFKVWDWLRQLVIRUDGLIIHUHQWQXPEHU<RXFDQ
WHOOZKLFKQXPEHUE\FRXQWLQJWKHPDQLSXODWLYHVDQGUHDGLQJWKHQXPEHURQWKHFDUG
DWWKDWVWDWLRQ<RXVKRXOGWKHQZULWHWKHQXPEHURQRQHRI\RXUVPDOOFDUGVWRNHHSIRU
\RXUVHOI
:KHQ\RXÀQLVKDOOWKHVWDWLRQV\RXVKRXOGKDYHDVHWRIQXPEHUFDUGV
*LYHVWXGHQWVDGGLWLRQDOQXPHUDOZULWLQJSUDFWLFHRQSUHSDUHGDFWLYLW\VKHHWV8VHVRPHRI\RXURZQ
IDYRULWHVKHHWVRUXVH%ODFNOLQHV.D²GWRSUHSDUHQXPHUDOZULWLQJSUDFWLFHVKHHWV
-&*--
D/,
D/,<AB<DL:G=A>GL
<Zilne^E^llhgLnffZkr
([SORUHDUHODWLRQVKLSEHWZHHQPRWKHUKHQVDQGEDE\FKLFNVXVLQJVWULQJVDQGDUURZVWR
SLFWXUHWKHVLWXDWLRQ
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
‡ *RRG0RUQLQJ&KLFNE\0LUUD
*LQVEXUJ3RODU([SUHVVE\
&KULV9DQ$OOVEXUJRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDG*RRG0RUQLQJ&KLFNE\0LUUD*LQVEXUJ3RODU([SUHVVE\&KULV9DQ$OOVEXUJRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW1RWH$GDSW([HUFLVHWRXVHVRPHWKLQJIURPWKHVWRU\\RXFKRRVH
WRUHDG
>q^k\bl^+
7
7KLVVWRU\WDNHVSODFHLQDIDUP\DUGZKHUHVRPHPRWKHUKHQVDUHUXQQLQJDURXQGZLWK
WKHLUFXGGO\OLWWOH\HOORZÁXII\EDE\FKLFNV+HUHWKH\DOODUH&RXQWWKHPDV,GUDZ
'UDZGRWVVSUHDGRXWDFURVV\RXUHQWLUHFKDONERDUG
7
+RZPDQ\GRWVDUHWKHUHDOWRJHWKHU"
$VNDVWXGHQWWRFRXQWWKHGRWVDJDLQDORXGDQG
WRSRLQWWRRQWKHQXPEHUOLQH2WKHUVWXGHQWV
VKRXOGÀQGRQWKHLUGHVNQXPEHUOLQHV
7
6HYHQWHHQGRWV:KDWDUHWKH\IRU"
6
&KLFNHQV
7
5LJKW6RPHDUHEDE\FKLFNVVRPHDUHPRWKHUKHQV:HGRQ·WNQRZZKLFKLVZKLFKIRUWKH
PRPHQW
6XGGHQO\WKHUHLVDWKXQGHUVWRUPZLWKORWVRIOLJKWQLQJWKXQGHUDQGUDLQ7KHEDE\FKLFNV
DUHIULJKWHQHGVRHDFKRQHUXQVWRLWVPRWKHU
'UDZRQHDUURZDQGVD\
7
#HICKENS
7KLVFKLFNUXQVWRLWVPRWKHU
$VNDVWXGHQWWRSRLQWWRWKHEDE\FKLFNDQGWRWKH
PRWKHUKHQ7KHQDVNWKHVWXGHQWVWRFORVHWKHLU
H\HVZKLOH\RXFRPSOHWH\RXUGUDZLQJ
-&*-.
D/,
$WWKLVSRLQWWKHUHDUHVHYHUDOSUREOHPV\RXFDQ
SRVH)RUH[DPSOH
7
#HICKENS
:KDWGRHVWKHSLFWXUHWHOOXV"
3RLQWWRDEDE\FKLFN
3RLQWWRDPRWKHUKHQ
3RLQWWRWZRFKLFNVZKRKDYHWKHVDPHPRWKHU
«SRLQWLQJWRDGRWIRUDKHQ+RZPDQ\
FKLFNVGRHVWKLVPRWKHUKHQKDYH"
3RLQWWRDOOWKHPRWKHUKHQV+RZPDQ\DUHWKHUH")RXU
$VNVRPHRQHWRWUDFHDVWULQJWKDWJRHVDURXQGDOOIRXUPRWKHUKHQVXVLQJDÀQJHURUDSRLQWHU:KHQ
WKLVKDVEHHQGRQHFRUUHFWO\GUDZWKHVWULQJ\RXUVHOI
#HICKENS
7
3RLQWWRWKHKHQZKRKDVWKHPRVWFKLFNV
3RLQWWRWKHKHQZKRKDVWKHIHZHVWFKLFNV
+RZPDQ\FKLFNVDUHWKHUHDOWRJHWKHU"
,QFRRSHUDWLYHJURXSVDVNVWXGHQWVWRFUHDWHDQHZVWRU\DERXWPRWKHUKHQVDQGEDE\FKLFNV
3URYLGHWKHJURXSVZLWKFRXQWHUVEHDQVFKLSVDQGSDSHU,QVWUXFWVWXGHQWVWRZRUNWRJHWKHUWR
GHFLGHKRZPDQ\KHQVDQGKRZPDQ\FKLFNVDUHLQWKHLUVWRU\DQGWKHQWRUHFRUGDSLFWXUHRIWKH
VWRU\WRVKDUHZLWKWKHFODVV<RXPD\OLNHWRDVNLQGLYLGXDOVWXGHQWVWRUHFRUGWKHVWRU\LQWKHLUPDWK
MRXUQDOV
-&*-/
D/-
D/-<&KH=L/
<Zilne^E^llhgLnffZkr
0RGHOQXPEHUFRPELQDWLRQVZLWK&URGV
FZm^kbZel
M^Z\a^k
Lmn]^gm
‡ 'HPRQVWUDWLRQ&URGV
‡ 8QOLQHGSDSHU
‡ &UD\RQVRUPDUNHUV
‡ &URGV
<RXPD\OLNHWRSXWWKHVWXGHQWVWRJHWKHULQJURXSVRIWZRWRIRXUIRUWKLVOHVVRQ)LUVWXVLQJWKH
GHPRQVWUDWLRQ&URGVPRGHOEXLOGLQJ&URGWUDLQVDQGÀQGLQJDQRWKHUURGWKHVDPHOHQJWKWKHQ
OHWWKHJURXSVZRUNRQRWKHUFRPELQDWLRQV
7
6
7RGD\ZHDUHJRLQJWRSXWURGVWRJHWKHUWRIRUPWUDLQV3XW
DUHGURGDQGDOLJKWJUHHQURGWRJHWKHU:KLFKVLQJOHURGLV
WKHVDPHOHQJWKDVWKLVWUDLQ"8VH\RXUURGVWRÀQGRXW
<HOORZ
5HPLQGVWXGHQWVDERXWJLYLQJQXPEHUQDPHVWRWKHURGVE\EXLOGLQJWKHVWDLUFDVHDVLQ/HVVRQ.
7
:KDWQXPEHULVWKHUHGURG"
:KDWQXPEHULVWKHOLJKWJUHHQURG"
:KHQZHPDNHDWUDLQLWLVWKHVDPHOHQJWK
DV\HOORZ:KDWQXPEHULVWKH\HOORZURG"
/HW·VUHFRUGWKLVWUDLQDV $VNIRUDQRWKHUWUDLQRIURGVWKHVDPHOHQJWKDVHTXDOWRWKH\HOORZDQGUHFRUGLWDVDQXPEHUIDFW
)RUH[DPSOH
7UHDWWKHQXPEHUIDFWV
SXW WKH HPSKDVLV RQ
YHU\LQIRUPDOO\DQG
EXLOGLQJWUDLQVRIURGV
:KLOHZRUNLQJLQJURXSVÀQGLQJRWKHUFRPELQDWLRQVVXJJHVWWKDWVWXGHQWVUHFRUGVRPHRIWKHLU
&URGWUDLQVRQSDSHUVHH/HVVRQ.DQGLIDSSURSULDWHZULWHQXPEHUIDFWVIRUWKH&URGWUDLQV
-&*-0
-&*-1
D/.
D/.PA:M L<HHDBG@8
<Zilne^E^llhgLnffZkr
([SHULPHQWZLWKZHWDQGGU\PHDVXUHPHQWLQDFRRNLQJDFWLYLW\
FZm^kbZel
M^Z\a^k
‡ )RRGLQJUHGLHQWVIRUDUHFLSHRI
\RXUFKRLFH
‡ &KDUWSDSHU
‡ %RZOV
‡ 0HDVXULQJVSRRQVDQGFXSV
Lmn]^gm
‡ 1RQH
Ghm^3,IFRRNLQJLVGRQHRQDUHJXODUEDVLVLQWKHFODVVURRPFRQFHSWVIURPWKLVOHVVRQVLPSO\QHHGWREH
LQWHJUDWHGLQWRWKRVHDFWLYLWLHV7KLVPD\EHDZKROHRUVPDOOJURXSDFWLYLW\RUPD\EHVHWXSLQDFHQWHU
%HJLQE\GLVFXVVLQJFRRNLQJDFWLYLWLHVVWXGHQWVKDYHREVHUYHGDWKRPH
7
:KHQVRPHRQHLQ\RXUKRPHZDQWVWREDNHRUFRRNKRZGRWKH\NQRZKRZPXFKRIHDFK
LQJUHGLHQWWRXVH"
6
7KH\MXVWNQRZ
6
7KH\UHDGDUHFLSH
6
7KH\UHDGWKHER[
7
3HRSOHRIWHQUHDGDUHFLSHDQGWKHUHFLSHWHOOVWKHPZKDWDQGKRZPXFKWRXVH
'LVSOD\PHDVXULQJVSRRQVDQGFXSVDQGGLVFXVVKRZWKH\DUHXVHGWRPHDVXUH
7
:KDWGR\RXQRWLFHDERXWWKHVHVSRRQV"
6
7KH\DUHGLIIHUHQWVL]HV
7
+RZDERXWWKHVHFXSV"
6
6RPHDUHELJVRPHDUHQRWVRELJ
([SODLQKRZHDFKFXSRUVSRRQUHSUHVHQWVDQDPRXQWDQGWKDWWKHDPRXQWLVPDUNHGRQWKHXWHQVLO
7KHQKROGXSDWHDVSRRQWDQGDWDEOHVSRRQ7
7
,VDWHDVSRRQVPDOOHURUODUJHUWKDQDWDEOHVSRRQ"
/HWVWXGHQWVH[DPLQHRUH[SHULPHQWZLWKWKHVSRRQVWRGHFLGH&RQWLQXHZLWKRWKHUH[DPSOHV
7
1RZZHDUHJRLQJWRPDNHJRUSRUZKDWHYHUUHFLSH\RXKDYHFKRVHQ
,WPD\EHKHOSIXOWRKDYHDUHFLSHSULQWHGRQFKDUWSDSHURURQDQRYHUKHDGWUDQVSDUHQF\3URFHHGWR
PDNHWKHUHFLSHDOORZLQJVWXGHQWVWRPHDVXUHDQGDGGLQJUHGLHQWV7KHQVKDUHZKDW\RXKDYHPDGH
-&*-2
D/.
LZfie^K^\bi^l
*RUS
6HUYHV
0L[WRJHWKHU
&SHDQXWV
&UDLVLQV
¼&FKRFRODWHFKLSVRU00ҋV
7RYDU\PHDVXUHPHQWVVLPSO\LQFUHDVHRU
GHFUHDVHDQ\LQJUHGLHQW
..LGV
)UXLW6DODG
EDQDQDVOLFHV ¼&SLQHDSSOHFKXQNV
&SHDUVOLFHV
&0DQGDULQRUDQJH
VOLFHV
&PLQLPDUVKPDOORZV
&VRXUFUHDP
6WUDLQDOOIUXLWV7KHQPL[IUXLWWRJHWKHU
$GGPDUVKPDOORZV$GGVRXUFUHDP0L[
DOOLQJUHGLHQWVXQWLOHYHU\WKLQJLVFRYHUHG
<RXFDQDOVRXVHWKHLQVWUXFWLRQVRQWKHER[IRUVRPHWKLQJOLNHLQVWDQWSXGGLQJ
-&*.)
D//
D//<HNGMBG@<:E<NE:MHK*
<Zilne^E^llhgLnffZkr
5HYLHZKRZWRHQWHUDQGFOHDUQXPEHUVIURPWKHFDOFXODWRUGLVSOD\7HDFKWKHFDOFXODWRU
WRFRXQWE\RQHV
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRU
‡ %ORFNVRURWKHUFRXQWHUV
Lmn]^gm
‡ &DOFXODWRU
'LVSOD\DQRYHUKHDGFDOFXODWRURUFDOFXODWRUSRVWHU5HYLHZKRZWRHQWHUDQGFOHDUQXPEHUVIURPWKH
FDOFXODWRUGLVSOD\
7
&DQVRPHRQHWHOOXVKRZWRFRXQWE\RQHV"
6
DQGVRRQ
'LVFXVVFRXQWLQJE\RQHVZLWKWKHFODVVDQGPRGHOWKHSURFHVVXVLQJEORFNVRURWKHUFRXQWHUV
7
/HW·VVHHLIZHFDQWHDFKWKHFDOFXODWRUWRFRXQW:KDWQXPEHUVKRXOGZHVWDUWFRXQWLQJ
ZLWK"
6
RU
7
3XWWKHVWDUWLQJQXPEHURQWKHFDOFXODWRU
'RWKLVRQWKHRYHUKHDGFDOFXODWRUDQGSXWRXWRUFRXQWHUV
7
+RZGRZHJHWWKHQH[WQXPEHU"
6
$GG
6
6D\
7
:KHQZHFRXQWRQE\RQHVHDFKQXPEHULVRQHPRUHWKDQWKHRQHEHIRUHVROHW·VWHOOWKH
FDOFXODWRUWRDGGRQH3UHVVOCD1RZWKHFDOFXODWRUFDQFRXQW
&KRRVHDVWXGHQWWRSUHVVSUHSHDWHGO\EXWVORZO\DV\RXPRGHOFRXQWLQJZLWKEORFNVRUFRXQWHUV
SODFHGQH[WWRWKHFDOFXODWRU
7
6RZHWHDFKDFDOFXODWRUWRFRXQWE\RQHVXVLQJWKHIROORZLQJVWHSV
3XWRQWKHVWDUWLQJQXPEHU
3UHVVCOCD
7KHQSUHVVSCSCSCSCDQGVRRQ
,QYLWHVWXGHQWVWRWHDFKWKHLUFDOFXODWRUVWRFRXQW,IVWXGHQWVDUHZRUNLQJZLWKDSDUWQHUWKH\FDQ
WDNHWXUQVZLWKRQHVWXGHQWGRLQJWKHWHDFKLQJZKLOHWKHRWKHUFKHFNVE\SHUIRUPLQJVWHS7KHQ
WKH\FDQWUDGHUROHV/HWVWXGHQWVSOD\ZLWKFRXQWLQJIRUDIHZPLQXWHV0DQ\ZLOOOLNHWRVHHWKH
FDOFXODWRUFRXQWXSWR´ELJµQXPEHUV
-&*.*
D//
6XJJHVWVWXGHQWVXVHDFDOFXODWRUDWKRPHWRVKRZIDPLO\PHPEHUVKRZDFDOFXODWRUFRXQWV$
VDPSOHSDUHQWOHWWHULVSURYLGHGRQ%ODFNOLQH.7KHOHWWHUPHQWLRQVWKDWZKLOHPRVWFDOFXODWRUV
KDYHDQDXWRPDWLFFRQVWDQWIXQFWLRQEXLOWLQZKLFKLVQHFHVVDU\WRSURJUDPWKHFDOFXODWRUWRFRXQW
VRPHPD\QRW
-&*.+
D/0
D/0M>E>IAHG>GNF;>KL
<Zilne^E^llhgLnffZkr
3UDFWLFHQXPHUDOZULWLQJDQGQXPHUDOUHFRJQLWLRQ
FZm^kbZel
M^Z\a^k
‡ 7ZRSOD\WHOHSKRQHV
Lmn]^gm
‡ 7HOHSKRQHSLFWXUH
‡ %ODFNOLQH.
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WR
PDNHDWHOHSKRQHSLFWXUHIRUHDFKVWXGHQW:ULWH
HDFKVWXGHQW·VQDPHRQWKHWHOHSKRQHEXWOHDYHWKHSKRQHQXPEHUEODQN
*LYHHDFKVWXGHQWDWHOHSKRQHSLFWXUHDQGLQVWUXFWWKHPWRZULWHWKHLUQDPHVRQWKHWHOHSKRQHV
%HJLQE\ZULWLQJWKHVFKRROSKRQHQXPEHURUDSKRQHQXPEHURI\RXUFKRLFHRQWKHERDUG
7
+RZPDQ\GLJLWVDUHLQDWHOHSKRQHQXPEHU"
6
6HYHQ
6
7HQ
7
7KHUHDUHVHYHQQRWLQFOXGLQJWKHWKUHHGLJLWDUHDFRGHDQGWHQLI\RXFRXQWWKHDUHDFRGH
2XUWHOHSKRQHVKDYHHQRXJKVSDFHIRUDVHYHQGLJLWWHOHSKRQHQXPEHU:ULWHDVHYHQ
GLJLWQXPEHURQ\RXUWHOHSKRQH,I\RXNQRZ\RXUKRPHSKRQHQXPEHU\RXPD\XVHLW,I
\RXZDQWWRXVHWKHVFKRROSKRQHQXPEHUWKDW·VRND\WRR2WKHUZLVHPDNHXSDSKRQH
QXPEHUIRU\RXUSKRQH
:KLOHVWXGHQWVDUHZRUNLQJJHWRXWWZRSOD\WHOHSKRQHV
6HOHFWWZRYROXQWHHUVWRPDNHSKRQHFDOOVDQGJLYHWKHPWKHIROORZLQJLQVWUXFWLRQV
7
&DUROLQHUHDGWKHSKRQHQXPEHUIURP\RXUSDSHUDQGGLDOWKHQXPEHUDV\RXVD\LWDORXG
7KHQVD\´5LQJULQJULQJULQJµ%LOO\\RXSUHWHQGWRDQVZHU
2QFH&DUROLQHKDVFRUUHFWO\GLDOHGKHUQXPEHUDQG%LOO\KDVDQVZHUHGGLUHFWWKHVWXGHQWVWRKDQJ
XSDQGUHYHUVHUROHV
,QVWUXFWVWXGHQWVWRVHOHFWDSDUWQHUDQGWDNHWXUQVUHDGLQJWKHLUSKRQHQXPEHUVGLDOLQJWKHSKRQH
DQGDQVZHULQJWKHSKRQH$WWKHHQGRIFODVVFROOHFWDOOWKHSKRQHQXPEHUSDJHVDQGVWDSOHWKHP
WRJHWKHUWRPDNHDFODVVWHOHSKRQHERRN
7KHFODVVWHOHSKRQHERRNWRJHWKHUZLWKSOD\WHOHSKRQHVFDQEHSXWLQDFHQWHUIRUVWXGHQWVWRSUDFWLFH
GLDOLQJSKRQHQXPEHUV
-&*.,
-&*.-
D/1
D/1P:RLMHF:D>M>G+
<Zilne^E^llhgLnffZkr
,QDVWRU\VLWXDWLRQÀQGQXPEHUIDFWVIRU
FZm^kbZel
M^Z\a^k
Lmn]^gml
‡ 7HQ$SSOHV8SRQ7RSE\7KHR
/H6HLJRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ %ODFNOLQH.
‡ &RXQWHUV
‡ $QLPDOKDQGRXW
‡ &RXQWHUV
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WR
PDNHFRSLHVRIWKHDQLPDOKDQGRXWIRUVWXGHQWV
‡ &UD\RQVPDUNHUV
5HDG7HQ$SSOHV8SRQ7RSE\7KHR/H6HLJRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
7
,QWRGD\·VVWRU\HDFKDQLPDOZDVWU\LQJWRHQGXSZLWKPRUHDSSOHVRQLWVKHDGWKDQDQ\RI
WKHRWKHUDQLPDOV(YHQWXDOO\WKH\DOOKDGWHQDSSOHVXSRQWRS
:KDWLIWKHDQLPDOVZRUNWRJHWKHUHDFKZLWKDIHZDSSOHVRQLWVKHDGVRDOOWRJHWKHUWKHUH
DUHWHQDSSOHV":KDWDUHVRPHZD\VWKH\FDQZRUNWRJHWKHU"
6KRZDSLFWXUHRIWKHOLRQGRJDQGFDW8VLQJFRXQWHUVRUDSSOHSLFWXUHVSXWDSSOHVRQWKHDQLPDOV·
KHDGVWRWRWDO$OORZWLPHIRUVWXGHQWVWRVXJJHVWDFRXSOHGLIIHUHQWZD\VWRPDNH
7
+RZFRXOGZHUHFRUGZKDWZHVHH"
6
0DNHDSLFWXUH
6
:ULWHWKHQXPEHUVRQWKHERDUG
7
/HW·VUHFRUGWKHDSSOHVRQHDFKDQLPDO·VKHDGLQD
QXPEHUIDFW
<RXPD\OLNHWKHVWXGHQWVWRZRUNZLWKDSDUWQHU*LYHHDFK
VWXGHQWDQDQLPDOKDQGRXWDQGWHQFRXQWHUV$VNHDFKVWXGHQW
WRSODFHWKHFRXQWHUVRQWKHDQLPDOV·KHDGVDQGWRFKHFNWKDW
WKHFRPELQDWLRQLVWHQ
<RXPD\OLNHWRVXJJHVWWKDWVWXGHQWVGUDZVRPHWKLQJRQWKHSLFWXUHWRUHSUHVHQWWKHDSSOHVHJ
GRWV7KLVZLOOPDNHLWHDVLHUIRUVWXGHQWVWRVKDUHWKHLUZRUNZLWKWKHFODVVRUSXWWKHSLFWXUHLQWKHLU
PDWKMRXUQDOV
$V\RXREVHUYHVWXGHQWV·ZRUN\RXPD\ZLVKWRDVNTXHVWLRQVVXFKDV
7
+RZPDQ\DSSOHVDUHRQWKHOLRQ·VKHDG"
+RZPDQ\PRUHDSSOHVGR\RXQHHGWRPDNH"
&DQ\RXWHOOPHWKHZD\\RXPDGHWHQ"
-&*..
D/1
)RUVRPHVWXGHQWVVXJJHVWWKH\ZULWHQXPEHUIDFWVIRUWKHZD\VWKH\PDGH$OORZVRPHWLPHIRU
VWXGHQWVWRVKDUHWKHLUZD\VWRPDNHZLWKWKHFODVV
'LVSOD\WKHVWXGHQWV·SLFWXUHVRIZD\VWRPDNHWHQVRPHZKHUHLQWKHURRP$VHWRIPDQLSXODWLYHV
FDQEHSODFHGQHDUE\VRVWXGHQWVFDQXVHWKHPWRFKHFNWKHIDFWVIRUWHQ
-&*./
D/2
D/2MA>;:;RBL;HKG
<Zilne^E^llhgLnffZkr
8VHWKHQRQYHUEDOODQJXDJHVRIVWULQJVDQGDUURZVWRLOOXVWUDWHDQGKHOSWHOODVWRU\DERXW
UHDOH[SHULHQFHV
FZm^kbZel
M^Z\a^k
‡ 2QHFRS\RIWKH7KH%DE\LV
%RUQ6WRU\ERRN
Lmn]^gm
‡ 7KH%DE\LV%RUQ6WRU\ERRN
‡ &UD\RQVPDUNHUV
Ghm^3,I\RXGRQRWKDYHHQRXJKFRSLHVRIWKHVWRU\ERRNVRWKDWHDFKVWXGHQWPD\NHHSRQHDVKHHWRI
SDSHUZLOOEHQHFHVVDU\IRUHDFKVWXGHQW
7KH%DE\LV%RUQXVHVWKHQRQYHUEDOODQJXDJHVRIGRWVDUURZVDQGVWULQJVWRWHOODVWRU\ZKLFKPD\
VWULNHDFKRUGIRUPDQ\RI\RXUVWXGHQWV,WGHDOVZLWKWKHELUWKRIWKHVHFRQGFKLOGLQWRDIDPLO\DQG
WKHHPRWLRQDOVWUHVVWKLVHYHQWSODFHVRQWKHÀUVWERUQ
5HDGWKLVVWRU\DV\RXZRXOGDQ\RWKHUVWRU\,I\RXWKLQN\RXUVWXGHQWVZLOOEHDEOHWRIROORZDORQJ
GLVWULEXWHFRSLHVRIWKHVWRU\ERRNEHIRUH\RXEHJLQ,I\RXGRQRWGRWKLVEHVXUHWRJLYHWKHVWXGHQWV
DQRSSRUWXQLW\WRORRNDWWKHSLFWXUHVE\KROGLQJXS\RXURZQFRS\RIWKHERRNDWWKHDSSURSULDWH
WLPHV7KHPDWKHPDWLFDOSLFWXUHVDUHVLPSOHHQRXJKWKDWWKH\FDQEHGUDZQRQWKHERDUGDV\RXDUH
UHDGLQJWKHVWRU\5HPHPEHUWRXVHWKHVLGHRIDVPDOOSLHFHRIFKDONWRGUDZODUJHGRWVDQGWKLFN
VWULQJVZKHQUHSURGXFLQJWKHVHSLFWXUHVRQWKHERDUG
7DNHFDUHQRWWRLQWHUUXSWWKHÁRZRIWKHVWRU\LWLVSUREDEO\VLPSOHHQRXJKWKDWHYHU\RQHFDQ
XQGHUVWDQGLWZLWKRXWDQ\DGGLWLRQDOH[SODQDWLRQ2QHH[FHSWLRQWRWKLVPLJKWEHRQSDJHDVN
ZKDWKDVKDSSHQHGEHIRUH\RXUHDGWKHWH[W7KURXJKRXWWKHERRNJLYHWKHVWXGHQWVHQRXJKWLPHWR
ORRNDWWKHSLFWXUHVVLQFHWKH\FDUU\TXLWHDORWRILQIRUPDWLRQ
:KHQ\RXÀQLVKUHDGLQJWKHVWRU\JLYHDFRS\RIWKHVWRU\ERRNWRHDFKSDLURIVWXGHQWVLI\RX
KDYHQ·WGLVWULEXWHGWKHPDOUHDG\DQGOHWWKHPORRNWKURXJKLWDJDLQDWWKHLURZQSDFH/HWVWXGHQWV
GUDZDSLFWXUHRI9HURQLFDDQGKHUIDPLO\,IHDFKVWXGHQWKDVKLVRUKHURZQFRS\RIWKHVWRU\ERRN
WRNHHSWKH\FDQGUDZLQWKHVWRU\ERRNLWVHOI,IQRWJLYHHDFKVWXGHQWDVKHHWRISDSHURQZKLFKWR
GUDZWKLVSLFWXUH<RXPLJKWÀQGLWXVHIXODWWKLVSRLQWWRDVNVRPHRQHWRUHPLQGWKHFODVVZKRWKH
SHRSOHLQ9HURQLFD·VIDPLO\DUH
:KHQWKLVGUDZLQJKDVEHHQFRPSOHWHGOHW\RXUVWXGHQWVGUDZDSLFWXUHRIWKHLURZQIDPLOLHVHLWKHU
LQWKHVWRU\ERRNRURQWKHEDFNRIWKHVKHHWRISDSHU%HSUHSDUHGWRKHOSVWXGHQWVZKREHORQJWR
ODUJHRUFRPSOLFDWHGIDPLOLHV6WXGHQWVPD\ZLVKWRODEHOWKHSHRSOHDQGSHWVLQWKHLUIDPLOLHV
%RWKRIWKHGUDZLQJVWKDWWKHVWXGHQWVPDNHZLOOSUREDEO\EHUHDOLVWLF7KLVLVWREHH[SHFWHG,I
KRZHYHUVWXGHQWVGHFLGHWRXVHGRWVDQGDUURZVLQVWHDGWKH\VKRXOGEHIUHHWRGRVR
-&*.0
-&*.1
D0)
D0):=CNLMF>GM(:LL>LLF>GM=:R0
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDSUHYLRXVOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHVHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\
DQGRUWKHQXPEHUVLQWKHOHVVRQ7KHPHDVXUHPHQWOHVVRQV.DQG.FDQHDVLO\EHUHSHDWHGE\
FKRRVLQJDGLIIHUHQWVHWRIREMHFWVWRFRPSDUHRUDGLIIHUHQWUHFLSH7KLVLVDOVRDJRRGWLPHWRDOORZ
VWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI\RXUFKRLFH
7KHIROORZLQJJDPHDFWLYLWLHVFDQEHXVHGIRUDGGLWLRQDOH[SHULHQFHZLWKQXPEHUIDFWVDQGQXPEHU
FRPSDULVRQV
=hfbgh^lPZk
,QWURGXFHSDLUVRIVWXGHQWVWRDJDPHZLWKGRPLQRHVVLPLODUWRWKHSRSXODUFDUGJDPHFDOOHG´:DUµ
3ODFHGRPLQRHVIDFHGRZQEHWZHHQWZRSOD\HUV%RWKSOD\HUVVHOHFWDGRPLQRDWWKHVDPHWLPHDQG
WXUQLWRYHU3OD\HUVFRPSDUHWKHLUVHOHFWHGGRPLQRHVDQGWKHRQHZLWKWKHJUHDWHUQXPEHURIWRWDO
GRWVRQKLVRUKHUGRPLQRWDNHVERWKGRPLQRHV3OD\FRQWLQXHVXQWLOWKHIDFHGRZQGRPLQRHVDUH
JRQH7KHSOD\HUKDYLQJWKHPRVWGRPLQRHVDWWKHHQGRIWKHJDPHZLQV
=hfbgh^l(Gnf^kZe<Zk]lFZm\a
/HWVWXGHQWVZRUNLQJURXSVRIWKUHHIRUWKLVDFWLYLW\6FDWWHUQXPHUDOFDUGVIDFHXSRQDWDEOH
6HOHFWDGRPLQRDQGSODFHLWIDFHXSRQWKHWDEOH7KHQDVNHDFKVWXGHQWWRFKRRVHDQXPHUDOFDUG
WR´PDWFKµZLWKWKHGRPLQR)RUH[DPSOHWKHUHPD\EHDVPDQ\DVWKUHHQXPHUDOFDUGVWRPDWFKD
GRPLQR
6HOHFWDQXPHUDOFDUGDQGDVNHDFKVWXGHQWWRÀQGDGLIIHUHQWGRPLQRWKDWLWZLOOPDWFK)RUH[DPSOH
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·SURJUHVVDWPDNLQJQXPEHUFRPSDULVRQVDQGFRUUHVSRQGLQJDQXPEHUZLWKD
QXPEHURIREMHFWV
-&*.2
D0)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.&DQG\*UDSK6L[FROXPQJUDSKSDFNDJHVRIFDQG\
.5RERW:DON6PDOOGROOURERWÀUHÀJKWHUSROLFHRIÀFHUDQGVRRQ
.7DNLQJD7ULS&KDUWSDSHU
.&RXQWLQJ2Q&RXQWHUV
./HQJWK6FLVVRUVPDVNLQJWDSHEDOORIVWULQJ
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH.....
-&*/)
D0*
D0*<:G=R@K:IA
<Zilne^E^llhgLnffZkr
8VHFRORURUVRPHRWKHUDWWULEXWHWRVRUWDQGJUDSKSDFNDJHVRIFDQG\8VHWKHJUDSKWR
DQVZHUVRPHTXHVWLRQVDQGFKHFNSUHGLFWLRQV
FZm^kbZel
M^Z\a^k
Lmn]^gm
‡ 6L[FROXPQJUDSK
‡ %ODFNOLQH.
‡ &UD\RQVPDUNHUV
‡ 3DFNDJHRIFDQG\
‡ 6L[FROXPQJUDSK
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WR
PDNHFRSLHVRIWKHVL[FROXPQJUDSK6HOHFWVPDOOSDFNDJHVRIFDQG\RURWKHUHGLEOHWUHDWVZLWKGLVWLQFWLYH
FRORUVRUVRPHRWKHUDWWULEXWHIRUVRUWLQJDQGJUDSKLQJ&KRLFHVPLJKWEH00·VŠ/LIH6DYHUVŠ)URRW
/RRSVŠDQLPDOFUDFNHUVDQGVRRQ
'LVWULEXWHVL[FROXPQJUDSKVDQGSDFNDJHVRIWKHLWHP\RXKDYHFKRVHQWRVRUWDQGJUDSKWRSDLUVRI
VWXGHQWV'LUHFWWKHVWXGHQWVQRWWRRSHQWKHSDFNDJHV\HW7KHGLDORJXHKHUHXVHV00·VDGMXVWLW
DFFRUGLQJO\
7
:KDWFRORUVGR\RXWKLQNDUHLQDSDFNDJHRI00·V"
$VVWXGHQWVVXJJHVWDQGDJUHHRQFRORUVIRU00·VPDNHFRORUVSODVKHVDWWKHERWWRPRIFROXPQV
RIDJUDSK'LUHFWVWXGHQWVWRGRWKHVDPHRQWKHLUJUDSKV,IQRWDOOFRORUVDUHVXJJHVWHG\RXFDQDGG
RWKHUFRORUVWRWKHJUDSKZKHQWKHSDFNDJHVDUHRSHQHG
7
'R\RXWKLQNWKHUHZLOOEHPRUH\HOORZRUPRUHUHG00·VLQ\RXUSDFNDJH"
/HWVWXGHQWVPDNHVHYHUDOSUHGLFWLRQVEHIRUHWKH\RSHQWKHSDFNDJHV)RUH[DPSOHWKH\PLJKW
SUHGLFW
00*UDSK
‡ :KLFKFRORUZLOOKDYHWKHPRVWOHDVW"
‡ :LOOWKHUHEHPRUH\HOORZWKDQUHG"
‡ +RZPDQ\RIDFHUWDLQFRORU"
‡ +RZPDQ\WRWDO00·VLQWKHLUSDFNDJH"
6ROLFLWDVPDQ\SUHGLFWLRQVDVVWXGHQWVDUHLQWHUHVWHGLQPDNLQJ
7KHQLQVWUXFWWKHVWXGHQWVWRRSHQWKHLUSDFNDJHVRI00·V
DQGVRUWWKHPE\FRORUE\SODFLQJWKHLQGLYLGXDO00·VLQ
DSSURSULDWHFROXPQVRIWKHJUDSK<RXPD\ZDQWWRÀUVWPRGHO
WKHSURFHVVRQDFODVVJUDSKEHIRUHVWXGHQWVEHJLQRUFLUFXODWH
DQGKHOSVWXGHQWSDLUVWRSODFH00·VLQWKHLUJUDSKV:DUQ
WKHVWXGHQWVQRWWRHDWDQ\00·V\HW
$VVWXGHQWVÀQLVKSXWWLQJWKH00·VLQWKHLUJUDSKVVXJJHVW
WKH\FRXQWKRZPDQ\RIHDFKFRORUDQGZULWHWKHQXPEHUDWWKH
ERWWRPRIWKDWFROXPQRIWKHJUDSK
-&*/*
D0*
6LQFHVWXGHQWVZLOOSUREDEO\ZDQWWRVWDUWHDWLQJWKH00·VWHOOWKHPWKDWZKHQWKH\UHPRYHDQ
00IURPWKHJUDSKWKH\VKRXOGPDNHDQ[RUVRPHRWKHUPDUNLQLWVSODFH,QIDFW\RXPD\
VXJJHVWWKH\UHPRYHDOOWKHDFWXDO00·VDQGSXW[·VLQWKHLUSODFHV
:KHQDOOWKHJURXSVKDYHFRPSOHWHGWKHVRUWLQJDQGJUDSKLQJZRUNFRQGXFWDFODVVGLVFXVVLRQRIWKH
JUDSKV(QFRXUDJHVWXGHQWVWRVKDUHWKHLUJUDSKVDQGPDNHFRPPHQWVVXFKDVWKHIROORZLQJ
‡ :KDWGRHVWKHJUDSKWHOO\RX"
‡ :KDWGLG\RXQRWLFHDERXW\RXUJUDSK"
‡ 2IZKLFKFRORU00GLG\RXKDYHWKHPRVW"«OHDVW"
‡ +RZGRHVWKHJUDSKVKRZZKLFKFRORULVPRVW"«OHDVW"
‡ :HUHWKHUHWKHVDPHQXPEHURIWZRFRORUV"
‡ 'LG\RXKDYHVRPHRIHYHU\FRORU"
‡ :HUHRXUSUHGLFWLRQVYHU\JRRG"
-&*/+
D0+
D0+MA>MK:BG
<Zilne^E^llhgLnffZkr
$FWRXWD´WUDLQµDQGWKHQSLFWXUHWKHWUDLQXVLQJWKHODQJXDJHRIDUURZV8VHWKHWUDLQWR
FRXQWIRUZDUGDQGEDFNZDUG
FZm^kbZel
M^Z\a^k
‡ 7KH/LWWOH(QJLQHWKDW&RXOGE\
:DWW\3LSHURUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
‡ &RORUHGFKDON
‡ ²1XPHUDO&KDUW
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDGDORXGDOLWHUDWXUHVHOHFWLRQDERXWWUDLQVVXFKDV7KH/LWWOH(QJLQHWKDW&RXOGE\:DWW\3LSHU
>q^k\bl^+
%HJLQWKLVH[HUFLVHRQWKHSOD\JURXQGLQWKHJ\PRULQDQRSHQDUHDRIWKHURRP
7
/HW·VPDNHDWUDLQZLWK\RXEHLQJWKHFDUVRIWKHWUDLQ
2UJDQL]HWKHFODVVLQRQHORQJOLQHZLWKHDFKVWXGHQWKROGLQJWKHZDLVWRIWKHVWXGHQWLQIURQW
'LUHFWWKHWUDLQWRPRYHIURPWKHSOD\JURXQGWRWKHFODVVURRPRUDURXQGWKHURRPZLWKWKHHQJLQH
OHDGLQJWKHZD\DQGWKHFDERRVHODVW
7
+RZPDQ\FDUVDUHLQRXUWUDLQ"+RZFDQZHÀQGRXW"
6
&RXQWXV
'LUHFWWKHWUDLQWRJRSDVWWKHVWDWLRQ\RXUGHVNRUWKHGRRURIWKHFODVVURRPDQGFRXQWDVWKH\
JRE\<RXPD\DVNWKHVWXGHQWFDUVWRFRXQWRIIDVWKH\JRSDVWWKHVWDWLRQVWDUWLQJZLWKWKHHQJLQH
DVDQGWKHFDERRVHODVW
7
<RXPD\VLWGRZQQRZ+RZPDQ\FDUVZHUHLQRXUWUDLQ"
6
$VNVWXGHQWVWRSRLQWWRRQWKHQXPEHUOLQHDQGRQWKH²QXPHUDOFKDUW
7
,·PJRLQJWRGUDZDNLQGRISLFWXUHRIRXUWUDLQRQWKHERDUG
-&*/,
D0+
'UDZWKLVDUURZSLFWXUHRQWKHERDUG
7
+RZGRHVWKLVORRNOLNHRXUWUDLQ"
:KDWDUHWKHGRWVIRU"
:KDWDUHWKHDUURZVIRU"
6
7KHGRWVDUHWKHFDUVDQGWKHDUURZVVKRZ
FDUVIROORZLQJRWKHUFDUVLQWKHWUDLQ
6
7KHDUURZVWHOOWKHGLUHFWLRQWKHWUDLQLVJRLQJ
7
&DQ\RXSRLQWWRWKHHQJLQH"
&DQ\RXSRLQWWRWKHFDERRVH"
$VNYDULRXVVWXGHQWVWRORFDWHFDUVRQWKHWUDLQIRU\RX)RUH[DPSOH
7
5DLVH\RXUKDQGLI\RXZHUHRQHRIWKHÀUVWWKUHHFDUV
3RLQWWRWKHÀUVWWKUHHFDUV
5DLVH\RXUKDQGLI\RXZHUHRQHRIWKHODVWÀYHFDUV
3RLQWWRWKHODVWÀYHFDUVRQWKHERDUG
3RLQWWRIRXUFDUVVRPHZKHUHLQWKHPLGGOHRIWKHWUDLQ
7
'R\RXUHPHPEHUKRZZHFRXQWHGWKH
FDUVDV\RXZHQWSDVWWKHVWDWLRQ"
/HW·VQXPEHUWKHFDUVLQRXUSLFWXUH
OLNHZHFRXQWHG:KDWGLGWKHHQJLQHVD\"
6
/DEHOWKHGRWVLQWKHDUURZSLFWXUHDVWKHVWXGHQWVFRXQWDJDLQIURPWR
7
:KDWGLGWKHFDERRVHVD\"
6
7
'R\RXWKLQNZHFRXOGUHDGWKHQXPEHUVRIWKHFDUVVWDUWLQJZLWKWKHFDERRVH
3RLQWWRWKHGRWVRQHE\RQHDVWKHFODVVUHDGVWKHQXPEHUVIURPWR
6XJJHVWWKDWVWXGHQWVPDNHWUDLQVZLWKPDQLSXODWLYHVVXFKDV8QLÀ[ŠFXEHVRURWKHULQWHUORFNLQJ
FXEHVODUJHVWULQJLQJEHDGVDQGVRRQ$OORZVWXGHQWVWRFUHDWHWUDLQVRIYDU\LQJOHQJWKVDQGWKHQ
UHFRUGWKHLUWUDLQVLQWKHLUPDWKMRXUQDOV$V\RXREVHUYHQRWHVWXGHQWV·XVHRISLFWXUHVGRWVDUURZV
DFWXDOWUDLQFDUVDQGQXPEHUVWRWHOOKRZPDQ\FDUVDUHLQDWUDLQ
-&*/-
D0,
D0,KH;HMP:ED*
<Zilne^E^llhgLnffZkr
*LYHGLUHFWLRQVIRUDURERWWRPRYHDORQJWKHOLQHVDQGEHWZHHQLQWHUVHFWLRQVRIDJULG
FZm^kbZel
M^Z\a^k
‡ 5RERWZDONJULGVKHHW
‡ &RORUHGFKHFNHU
‡ 6PDOOGROOURERWÀUHÀJKWHU
SROLFHRIÀFHUDQGVRRQ
Lmn]^gm
‡ 1RQH
Ghm^37KHURERWZDONJULGLVFDOOHGIRULQVHYHUDOOHVVRQVLQWKH.LQGHUJDUWHQSURJUDP,QVRPHOHVVRQV
VXFKDVWKLVRQHQRWKLQJLVZULWWHQRQWKHJULGVR\RXFDQXVHLWDJDLQ,QRWKHUOHVVRQVLQZKLFK\RXZULWH
RQWKHJULGWKHVKHHWZLOOQRWEHUHXVDEOH+HQFHPDNHWKHEHVWXVHRIWKHQXPEHURIJULGVZLWKZKLFK\RX
KDYHEHHQSURYLGHG2UODPLQDWHRQHRI\RXUJULGVKHHWVDQGXVHLWUHSHDWHGO\ZLWKHUDVDEOHPDUNHUV
>q^k\bl^*
$WWDFKWKHURERWZDONJULGRQWRSRIDWDEOHDQGDVNDOOWKHVWXGHQWVWRVWDQGLQDFLUFOHDURXQGLW
$VNWKHPWRVWDQGDIRRWRUWZRDZD\IURPWKHWDEOHVRWKDWHYHU\RQHFDQVHHEXWQRRQHLVWHPSWHG
WROHDQRQWKHWDEOHSOD\ZLWKWKHURERWDQGVRRQ<RXPD\ZDQWWRUHLQIRUFHWKLVLGHDE\PDNLQJ
DORRSRQWKHÁRRUDQGH[SODLQLQJWKDWQRRQHH[FHSWURERWVDQGURERWRSHUDWRUVDUHDOORZHGLQVLGH
WKDWORRS
([SODLQWKHIROORZLQJUXOHVFOHDUO\UHSHDWLQJDVQHFHVVDU\WREHVXUHHYHU\RQHXQGHUVWDQGV
EP
ES
AN TEP
OT
HE
RS
T
`
`
`
`
ON
P P
TE TE
RS ES
HE ON
OT
AN
‡ 7KHURERWDOZD\VREH\VWKHVLPSOHGLUHFWLRQV
WKDWDUHJLYHQ7KHURERWDOZD\VGRHVH[DFWO\
ZKDWLVVDLGVR\RXKDYHWREHFDUHIXOWRJLYH
JRRGGLUHFWLRQV
‡ 7KHURERWFDQRQO\PRYHDORQJWKHOLQHV
‡ 7KHURERWPRYHVDORQJWKHOLQHVE\WDNLQJ
VWHSV
‡ 2QHVWHSFRQVLVWVRIDPRYHIURPRQHFRUQHU
LQWHUVHFWLRQWRWKHQH[WLQDQ\RIWKHIRXU
SRVVLEOHGLUHFWLRQV
2OBOT
'HPRQVWUDWHZKDW\RXPHDQE\WKLVODVWUXOH
3ODFHWKHURERWRQDFHQWUDOO\ORFDWHGLQWHUVHFWLRQ
7
2XUURERWLVJRLQJIRUDZDON/HW·VVHHZKHUHLWJRHV
&KRRVHDVWXGHQWWREHWKHURERWRSHUDWRU*LYHGLUHFWLRQVWRWKHRSHUDWRURQHDWDWLPH
‡ 0RYHIRUZDUGWZRVWHSV
‡ 7XUQWRWKHZLQGRZ
‡ 0RYHEDFNRQHVWHS
‡ 7XUQWRWKHFKDONERDUG
‡ 0RYHIRUZDUGÀYHVWHSV
-&*/.
D0,
Ghm^3'HSHQGLQJRQWKHH[SHULHQFHRI\RXUVWXGHQWV\RXPD\ZDQWWRZULWH´1RUWKµ´6RXWKµ
´(DVWµDQG´:HVWµRQWKHJULGDQGXVHWKRVHZRUGVLQ\RXUGLUHFWLRQV(YHQLI\RXUVWXGHQWVNQRZ
ULJKWDQGOHIWLWZLOOEHGLIÀFXOWIRUWKHPWRIROORZGLUHFWLRQVOLNH´WXUQULJKWµLQWKLVVLWXDWLRQ
$OORZVHYHUDOVWXGHQWVWRWDNHDWXUQDWEHLQJWKHURERWRSHUDWRUZLWK\RXJLYLQJGLUHFWLRQV2WKHU
VWXGHQWVVKRXOGSURWHVWUDLVHKDQGVIRUH[DPSOHLIDGLUHFWLRQLVQRWIROORZHGFRUUHFWO\
>q^k\bl^+
3URFHHGDVLQ([HUFLVHZLWKRQHVWXGHQWDVWKHURERWRSHUDWRUEXWWKLVWLPHOHWDQRWKHUVWXGHQWJLYH
WKHGLUHFWLRQVVWLOORQHDWDWLPH
$GLUHFWLRQZKLFKLIREH\HGZRXOGVHQGWKHURERWRIIWKHSRUWLRQRIWKHJULGLVLOOHJDO:KHQD
VWXGHQWJLYHVVXFKDGLUHFWLRQWKHFODVVVKRXOGSURWHVWDQGWKHURERWRSHUDWRUVKRXOGLJQRUHWKDW
GLUHFWLRQ
$JDLQOHWVHYHUDOSDLUVRIVWXGHQWVWDNHWXUQVEHLQJWKHURERWRSHUDWRUDQGWKHSHUVRQJLYLQJ
GLUHFWLRQV
>q^k\bl^,
3ODFHWKHURERWRQDQLQWHUVHFWLRQDQGDFRORUHG
FKHFNHURQDQRWKHU
2QFHDJDLQDVNRQHVWXGHQWWREHWKHURERWRSHUDWRU
ZKLOHDQRWKHUJLYHVGLUHFWLRQVVWLOORQHDWDWLPH7KH
JRDOLVWRJLYHDVHTXHQFHRIGLUHFWLRQVVRWKDWWKHURERW
HYHQWXDOO\UHDFKHVWKHFRORUHGFKHFNHUQRWQHFHVVDULO\
E\WKHVKRUWHVWURXWH$OORZVWXGHQWVWRVXJJHVWD
GHVWLQDWLRQWKDWWKHFKHFNHUVLJQLÀHVVFKRROKRXVH
SDUNVWRUHDQGVRRQ
2OBOT
6LQFHWKHUHDUHPDQ\URXWHVE\ZKLFKWKHURERWPD\UHDFKWKHFKHFNHU\RXFDQDVNWZRRWKHU
VWXGHQWVWRÀQGDVHFRQGURXWH
-&*//
D0-
D0-LBGDBG@;H:M
<Zilne^E^llhgLnffZkr
8VHDOLWHUDWXUHVHOHFWLRQWRIRFXVRQFRPSDUDWLYHVL]HDQGDVHTXHQFHRIHYHQWV
FZm^kbZel
M^Z\a^k
‡ :KR6DQNWKH%RDW"E\3DPHOD
$OOHQRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVWWKDWIRFXVHVRQ
FRPSDUDWLYHVL]HV
Lmn]^gm
‡ 1RQH
7KLVOHVVRQFDQEHXVHGZLWKDQ\SLHFHRIOLWHUDWXUHDERXWFRPSDUDWLYHVL]HV$GMXVWWKHOHVVRQDQG
GLDORJXHWRVXLW\RXUVHOHFWLRQ
%HIRUHUHDGLQJ:KR6DQNWKH%RDWE\3DPHOD$OOHQVKRZWKHERRNFRYHURUWKHÀUVWSDJHLQWKH
ERRNVKRZLQJWKHÀYHDQLPDOVWRWKHFODVVDQGVD\
7
/HW·VSUHWHQGZHKDYHDERDWWKDWDOORIWKHVHDQLPDOVZLOOJHWLQWR&DQ\RXSUHGLFWZKR
ZLOOVLQNWKHERDW"
5HFRUGVWXGHQWV·UHVSRQVHVRQWKHFKDONERDUG7KHQUHDGWKHVWRU\DORXGWRWKHFODVV:KHQ\RX
KDYHÀQLVKHGUHWXUQWRWKHUHFRUGHGUHVSRQVHV
7
/HW·VFKHFNRXUSUHGLFWLRQVDERXWZKRVDQNWKHERDW
'LGWKHFRZVLQNWKHERDW"+RZGR\RXNQRZ"
'LGWKHGRQNH\VLQNWKHERDW"+RZGR\RXNQRZ"
&RQWLQXHWKURXJKWKHOLVW
7
:KRGR\RXWKLQNVDQNWKHERDW"
0DQ\VWXGHQWVZLOOVD\WKDWWKHODVWRQHLQVDQNWKHERDW(QFRXUDJHWKHPWRWKLQNDERXWDOOWKHRWKHU
DQLPDOVDQGWKHLUFRPELQHGZHLJKW
7
/HW·VJREDFNWKURXJKWKHVWRU\DQGORRNDWZKHUHWKHGLIIHUHQWDQLPDOVVDWLQWKHERDWDQG
ZKDWKDSSHQHGWRWKHZDWHUOLQHDIWHUHDFKDQLPDOJRWLQ
5HUHDGWKHVWRU\IRFXVLQJRQHDFKDQLPDO·VSRVLWLRQDQGWKHZDWHUOLQH
7
:KDWLIWKHDQLPDOVJRWLQWRWKHERDWLQDGLIIHUHQWRUGHU":RXOGWKHERDWVWLOOVLQN"
6HWXSWXEVWRKROGZDWHU(DFKVPDOOJURXSVKRXOGKDYHDWUD\IRUH[DPSOHDSODVWLFIRRGWUD\IRU
DERDWDQGDVHWRIREMHFWV([SHULPHQWZLWKREMHFWVWRVHHKRZPDQ\FDQEHDGGHGEHIRUHWKHERDW
VLQNVDQGZKDWKDSSHQVWRWKHZDWHUOLQHDIWHUHDFKREMHFWLVDGGHG
-&*/0
D06XJJHVWVWXGHQWVUHFRUGLQWKHLUPDWKMRXUQDOVZKDWKDSSHQHGLQWKHVWRU\\RXUHDG
3XWDWXERIZDWHUDER[RIRGGVDQGHQGVDQGDWZRFROXPQJUDSKODEHOHG´)ORDWµDQG´6LQNµDW
DFHQWHU
&LOAT
-&*/1
3INK
D0.
D0.PA:M<HNE=P>;>8
<Zilne^E^llhgLnffZkr
)LQGPDQ\GLIIHUHQWWKLQJVWKDWGRWVFDQUHSUHVHQW
FZm^kbZel
M^Z\a^k
‡ :KDW&RXOG:H%H"
6WRU\:RUNERRN
Lmn]^gm
‡ :KDW&RXOG:H%H"
6WRU\:RUNERRN
7KLVERRNOHWJLYHVVWXGHQWVDFKDQFHWRLPDJLQHZKDWWKHHLJKWGRWVIHDWXUHGLQWKHVWRU\FRXOGEHIRU
'RWVFDQVWDQGIRUDQ\WKLQJ%XWHLJKWGRWVPXVWDOZD\VUHSUHVHQWHLJKWREMHFWV6RPHWLPHVDFOXHLV
JLYHQE\PHDQVRIDUHDOLVWLFSLFWXUHRWKHUWLPHVWKHVWXGHQWVDUHOHIWIUHHWRLPDJLQHZKDWHYHUWKH\
OLNH
7RPD[LPL]HWKHVWXGHQWV·LQYROYHPHQWGRQRWGLVWULEXWHLQGLYLGXDOFRSLHVDWWKHEHJLQQLQJRIWKH
OHVVRQ,QVWHDGKROGXS\RXUFRS\DV\RXUHDGPDNLQJVXUHWKDWHYHU\RQHKDVDFOHDUYLHZRIERWK
SDJHV
7KHIROORZLQJGLDORJXHPD\JLYH\RXDQLGHDDERXWKRZWRVWDUWWKHOHVVRQ
2SHQWKHERRNOHWWRSDJHVDQGDQGUHDGWKHWH[WDORXGWRWKHVWXGHQWV/HWWKHPFRXQWKRZ
PDQ\GRWVWKHUHDUHDQGJLYHWKHPWLPHWRDQVZHUWKHTXHVWLRQ:KDWFRXOGZHEHIRU"6WXGHQWV
PLJKWDQVZHU
6
7R\V
7
+RZPDQ\"
6
(LJKW
7
<HVZHFRXOGEHHLJKWWR\V:KDWHOVHFRXOGZHEH"
6
(LJKWFKLOGUHQ
6
(LJKWEXWWHUÁLHV
1RZVKRZWKHVWXGHQWVSDJHVDQGDQGUHDG
7
´:HFRXOGEH«µ
6
(OHSKDQWV
7UHDGLQJ´:HFRXOGEH«HLJKWHOHSKDQWVLQDURZµ
&RQWLQXHLQWKLVZD\WKURXJKRXWWKHERRNOHW2QSDJHVDQG\RXPD\OLNHWROHW
VWXGHQWVSRLQWWRREMHFWVDQGFRXQWWKHPWRÀQGWKDWWKHUHDUHHLJKWREMHFWVDOWRJHWKHU
:KHQ\RXDQG\RXUVWXGHQWVKDYHÀQLVKHGUHDGLQJWKHVWRU\WRJHWKHUJLYHDFRS\RIWKHERRNOHWWR
HDFKVWXGHQWDQGOHWWKHPORRNDWWKHSLFWXUHVDWWKHLURZQSDFH0DNHWKHPIHHOIUHHWRVKDUHWKHLU
LGHDVDERXWZKDWHOVHWKHHLJKWGRWVFRXOGEHZLWK\RXDQGWKHLUFODVVPDWHV
-&*/2
-&*0)
D0/
D0/M:DBG@:MKBI
<Zilne^E^llhgLnffZkr
8VHDVWRU\WRREVHUYHDVHTXHQFHRIHYHQWVDQGWRIROORZGLUHFWLRQVXVLQJSRVLWLRQZRUGV
FZm^kbZel
M^Z\a^k
‡ 5RVLH·V:DONE\3DW+XWFKLQV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &KDUWSDSHU
Lmn]^gm
‡ 1RQH
3UHSDUHWRUHDG5RVLH·V:DONE\3DW+XWFKLQVRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW%HIRUH
UHDGLQJWKHVWRU\VKRZWKHFODVVWKHFRYHURIWKHERRNDQGSRVHVRPHSUHGLFWLRQTXHVWLRQV
7
7KLVVWRU\LVDERXWDQDQLPDOWKDWPDNHVDWULS:KHUHGR\RXWKLQNVKHLVJRLQJ"
6
$URXQGWKHZRUOG
6
$URXQGWKHIDUP
7
:KDWPDNHV\RXVD\WKDW"5HFRUGVWXGHQWV·UHVSRQVHVRQWKHFKDONERDUG
6
7KHFRYHUORRNVOLNHDIDUP
6
6KHKDVWREHJRLQJVRPHZKHUH
5HDGWKHVWRU\DORXG7KHQUHWXUQWRWKHVWXGHQWV·SUHGLFWLRQV
7
'LGRXUSUHGLFWLRQVFRPHWUXH":DVWKHUHDQ\RWKHUDQLPDOWKURXJKRXWWKHVWRU\WKDWPDGH
WKHVDPHWULS"
/HW·VUHDGWKHVWRU\DJDLQ7KLVWLPHOHW·VQRWHHYHU\ZKHUH5RVLHJRHV$FURVVWKH\DUG
DURXQGWKHSRQGDQGVRRQ
(QFRXUDJHVWXGHQWVWRUHDGDORQJZKLOH\RXUHFRUGWKH
VHTXHQFHRIHYHQWVXVLQJDUURZVLQDSLFWXUH\RXGUDZ
RQWKHERDUGRURQFKDUWSDSHU$VNVWXGHQWVKRZWR
VKRZVXFKWKLQJVDV´RYHUWKHKD\VWDFNµ
<RXPD\OLNHVWXGHQWVWRIROORZWKHDUURZVLQ\RXU
SLFWXUHWRUHFDOOWKHVHTXHQFHRIHYHQWVLQWKHVWRU\
5HFUHDWHWKHVWRU\E\GUDZLQJDPDSRXWOLQHRQDSLHFHRISDSHUDQGXVLQJEORFNVIRUREMHFWVLQWKH
VWRU\0DNHSDSHUFXWRXWVWRPRYHDURXQGWKHPDSIROORZLQJWKHSDWKWDNHQLQWKHVWRU\<RXFDQ
DOVRXVHODUJHSLHFHVRIFKDUWSDSHUDQGOHWVWXGHQWVPDNHDPDSRIWKHVWRU\
-&*0*
-&*0+
D00
D00<HNGMBG@&HG*
<Zilne^E^llhgLnffZkr
3UDFWLFHFRXQWLQJRQXVLQJPDQLSXODWLYHV
FZm^kbZel
M^Z\a^k
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ 7HQFRXQWHUVLQDFXSRUEDJ
‡ 3DSHU
>q^k\bl^*
7
7KHRWKHUGD\-D\ZDVKHOSLQJDURXQGWKHKRXVHE\SLFNLQJXSWKLQJVLQKLVURRPDQG
SXWWLQJWKHPDZD\:KLOHKHZDVGRLQJWKLVKHIRXQGIRXURIKLVWR\V
3ODFHIRXUPDJQHWLFFKHFNHUVRQWKHERDUG
7
6KRZPHZLWK\RXUÀQJHUVKRZPDQ\FKHFNHUVWR\V
3RLQWWRWKLVQXPEHURQ\RXUGHVNWRSQXPEHUOLQH
:ULWHWKHQXPEHURQWKHERDUG
7
-D\SXWDZD\WKHIRXUWR\VEXWKHIRXQGVRPHPRUHWR\VZKHQKHSLFNHGXSPRUHWKLQJVLQ
KLVURRP,ZLOODGGVRPHPRUHFKHFNHUVWRWKHERDUGIRUWKHRWKHUWR\V-D\IRXQG
&RYHUWKHÀUVWIRXUFKHFNHUVZLWKDSDSHUDQGWKHQDGGWKUHHPRUHFKHFNHUV
7
+RZPDQ\PRUHWR\VGLG-D\ÀQG"
6
7KUHH
7
+RZPDQ\WR\VGLG-D\ÀQGDOWRJHWKHU"
6
6HYHQ
7
+RZGLG\RXJHWVHYHQ"
6
,FRXQWHG
6
,NQHZWKHUHZHUHIRXUWRVWDUWZLWKDQGWKHQFRXQWHGIURPWKHUH
7
$IDVWZD\RIFRXQWLQJWKHFKHFNHUVLVWRVWDUWZLWKZKDW\RXNQRZWKHIRXUKHUHDQGWKHQ
FRXQWZKDWZDVDGGHG
3RLQWWRHDFKQHZFKHFNHUDV\RXVD\
7
)LYHVL[VHYHQ6KRZPHIRXUDQGWKUHHPRUHLVVHYHQ
ZLWK\RXUÀQJHUV3RLQWWRRQ\RXUQXPEHUOLQH
8QFRYHUWKHÀUVWIRXUFKHFNHUVDQGZULWHWKHFRUUHVSRQGLQJ
QXPEHUIDFWRQWKHERDUG
-&*0,
D00
7
-D\·VEURWKHU0DWWZDVKHOSLQJFOHDQXSWKHURRPE\SLFNLQJXSERRNV
+HIRXQGWKLVPDQ\ERRNV
3ODFHWKUHHFKHFNHUVRQDQRWKHUSDUWRIWKHERDUG
7
+RZPDQ\ERRNVGLG0DWWÀQG"
6
7KUHH
7
6KRZPHZLWK\RXUÀQJHUVDQGSRLQWWRWKLVQXPEHURQ\RXUGHVNWRSQXPEHUOLQH
:ULWHWKHQXPEHURQWKHERDUG
7
0DWWSXWDZD\WKHWKUHHERRNVDQGWKHQKHIRXQGVRPHPRUH
&RYHUWKHÀUVWWKUHHFKHFNHUVZLWKSDSHUDQGWKHQDGGVL[PRUHFKHFNHUV
7
+RZPDQ\PRUHERRNVGLG0DWWÀQG"
6
6L[
7
+RZPDQ\ERRNVGLG0DWWÀQGDOWRJHWKHU"
6
1LQH
7
6LQFHKHÀUVWIRXQGWKUHHERRNVOHW·VVWDUWFRXQWLQJDIWHUWKUHH6WDUWDWRQ\RXUQXPEHU
OLQHWKHQFRXQWDIWHUDV,SRLQWWRWKHFKHFNHUV
6
)RXUÀYHVL[VHYHQHLJKWQLQH
7
+RZPDQ\ERRNVGLG0DWWÀQGDOWRJHWKHU"
6
1LQH
8QFRYHUWKHÀUVWWKUHHFKHFNHUVDQGZULWHWKHFRUUHVSRQGLQJ
QXPEHUIDFWRQWKHERDUG
>q^k\bl^+
'LVWULEXWHFRXQWHUVLQDFXSRUEDJDQGDSLHFHRISDSHUWRHDFKVWXGHQW
7
7DNHRXWÀYHFRXQWHUVDQGDUUDQJHWKHPDV\RXOLNH
&RYHUWKHÀYHFRXQWHUVZLWK\RXUSDSHU
7KHQSXWRXWWKUHHPRUHFRXQWHUV
/HW·VFRXQWVWDUWLQJDIWHUÀYHWRÀQGKRZPDQ\
FRXQWHUVDOWRJHWKHU
6
6L[VHYHQHLJKW
5HSHDWWKLVDFWLYLW\ZLWKVHYHUDOPRUHFRXQWLQJRQSUREOHPV<RXPD\ZDQWWRFRQWLQXHPRGHOLQJ
ZKDWWKHVWXGHQWVDUHGRLQJZLWKPDJQHWLFFKHFNHUVRQWKHERDUG
)RUDGGLWLRQDOSUDFWLFHSDLUVWXGHQWVDQGOHWRQHVWXGHQWWHOOWKHRWKHUKRZPDQ\FKHFNHUVWRVWDUW
ZLWKDQGKRZPDQ\WRDGGRQ7RJHWKHUWKH\VKRXOGFRXQWRQWRÀQGWKHWRWDOQXPEHURIFKHFNHUV
-&*0-
D01
D01E>G@MA+
<Zilne^E^llhgLnffZkr
&RPSDUHVWXGHQWV·VWHSVL]HVWRDJLYHQOHQJWKORQJHUWKDQVKRUWHUWKDQRUVDPHOHQJWK
FZm^kbZel
M^Z\a^k
‡ &KDON
‡ 0DVNLQJWDSH
‡ 6FLVVRUV
‡ %DOORIVWULQJ
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3&XWRQHOHQJWKRIVWULQJFPORQJ
Ghm^37KLVOHVVRQFDQEHGRQHLQDQRSHQVSDFHLQWKHFODVVURRPWKHJ\PQDVLXPRURQWKHSOD\JURXQG,I
\RXFKRRVHWRGRWKLVOHVVRQLQDORFDWLRQRWKHUWKDQWKHFODVVURRPKDYHVWXGHQWVUHWXUQWRWKHFODVVURRPWR
WDSHWKHLUVWULQJVRQWKHERDUGDQGGLVFXVVWKHGLIIHUHQFHV
7
7KHRWKHUGD\,RYHUKHDUGDFRQYHUVDWLRQWKDWFDXVHGPHWRZRQGHU$JURXSRIVWXGHQWV
ZHUHGLVFXVVLQJPHDVXUHPHQWVOLNHKHLJKWDQGVKRHVL]H,KHDUGVRPHRQHVD\´(YHU\ERG\
LQ.LQGHUJDUWHQKDVWKHVDPHVL]HVWHSVZKHQWKH\ZDONµ'R\RXWKLQNWKDWLVWUXH"
6
,GRQ·WNQRZ
6
1R
6
,WFRXOGEH
7
,WKRXJKWDERXWLWDQGZRQGHUHGKRZZHFRXOGÀQGRXW'R\RXKDYHDQ\LGHDV"
6
0HDVXUHDOORXUVWHSV
6
6WDQGQH[WWRHDFKRWKHUDQGHYHU\ERG\VWHSDWWKHVDPHWLPH
+ROGXSDFPSLHFHRIVWULQJ
7
7KHSHUVRQZKRWKLQNVDOO.LQGHUJDUWQHUVKDYHWKHVDPHVL]HVWHSVJDYHPHWKLVSLHFHRI
VWULQJ+HVDLGWKDWWKLVLVWKHVL]HRID.LQGHUJDUWHQVWXGHQW·VVWHS:KDWGR\RXWKLQN"
6
,WORRNVWRRVKRUW
6
,FDQVWHSIDUWKHUWKDQWKDW
7
/HW·VVHHKRZELJ\RXUVWHSVDUHWRFKHFN
&KRRVHVHYHUDOVWXGHQWVDQGPDUNSODFHVZLWKFKDONRUPDVNLQJWDSHIRUWKHPWRVWDQGRQWKHÁRRU
7
:KHQWKHVHVWXGHQWVWDNHDVWHSGR\RXWKLQNWKHLUVWHSVZLOOEHORQJHUVKRUWHURUWKH
VDPHDVWKLVSLHFHRIVWULQJ"
/HWVWXGHQWVH[SUHVVWKHLURSLQLRQVWKHQSUHSDUHWRFKHFN$VNVWXGHQWVWRWDNHDQRUPDOVWHSEXW
VLQFHVRPHZLOOZDQWWRWDNHWKHLUELJJHVWVWHS\RXPD\ZDQWWRDOORZWKLV%HVXUHWRWHOOVWXGHQWV
\RXZDQWDVWHSQRWDMXPS
-&*0.
D01
7
:KHQ,VD\VWHS,ZDQW\RXWRWDNHDQRUPDOVWHS$IWHU\RXUVWHSVWDQGVWLOOVR,FDQPDUN
ZKHUH\RXUIRRWLV5HDG\VWHS
0DUNWKHVSRWZKHUHHDFKVWXGHQW·VVWHSHQGVDJDLQXVLQJFKDONRUPDVNLQJWDSHDQGGLUHFWWKHPWR
UHWXUQWRWKHLUVHDWV
7
:KRWRRNWKHELJJHVWVWHS"
+RZFDQZHÀQGRXW"
6
0HDVXUHHDFKVWHSZLWKDUXOHU
6
0HDVXUHHDFKVWHSZLWKEORFNV
6
&XWSLHFHVRIVWULQJWKHVL]HRIWKHLUVWHSV
7
2ND\,KDYHVRPHVWULQJZHFDQXVH/HW·VFXWSLHFHVWKHVL]HRIWKHVWHSV
0LNH
/HH
.LP
/HWWKHVWXGHQWVKHOS\RXPHDVXUHDQGFXWWKHVWULQJ*LYHWKHSLHFHRIVWULQJWRWKHVWXGHQWDIWHU\RX
PHDVXUHKLVRUKHUVWHS$WWKLVWLPH\RXPD\ZDQWWRJLYHDOOWKHVWXGHQWVDFKDQFHWRWDNHDVWHS
KDYHLWPHDVXUHGDQGUHFHLYHDSLHFHRIVWULQJWKHLUVWHSVL]H
7
,DPJRLQJWRWDSHWKLVSLHFHRIVWULQJRQWKHERDUGDQGODEHOLW´.µIRU.LQGHUJDUWQHUV
7DSH\RXUVWULQJRQWKHERDUGXQGHUWKHODEHO
$VNDVWXGHQWWRFRPSDUHKLVRUKHUVWULQJZLWKWKHRQHRQWKHERDUGDQGWRGHFLGHZLWKWKHFODVVLILW
LVVKRUWHUORQJHURUWKHVDPHOHQJWKDVWKHRQHRQWKHERDUG$SRVVLEOHGLDORJXHIROORZV
7
.LPGR\RXWKLQN\RXUVWHSLVVKRUWHUORQJHURUWKHVDPHDVWKH.LQGHUJDUWQHU·VVWHS"
6
,WKLQNLWLVWKHVDPH
7
%ULQJ\RXUVWULQJDQGFRPSDUHLWZLWKWKHVWULQJRQWKHERDUG
0LNH .LP
.
/HH
+HOSWKHVWXGHQWDOLJQWKHVWULQJZLWKWKHRQHRQWKHERDUG
7KHQWDSHLWRQWKHERDUGDQGREVHUYHZKHWKHULWLVVKRUWHU
ORQJHURUWKHVDPHDVWKH.VWULQJ5HSHDWWKLVSURFHVVZLWKWKH
RWKHUVWXGHQWVPDNLQJFHUWDLQWKHFODVVVHHVWKHFRPSDULVRQ
ZLWKWKH.VWULQJÀUVW
Ghm^3<RXPD\OLNHWRWU\WRRUJDQL]HWKHVWULQJVRQWKHERDUGLQRQHRIWZRZD\V
3XWDOOWKRVHVKRUWHUWKDQ.RQRQHVLGHDQGDOOWKRVHORQJHUWKDQ.RQWKHRWKHUVLGH
7KRVHSUHWW\FORVHWRWKHVDPHDV.FDQEHSODFHGQH[WWR.
7U\WRDUUDQJHDOOWKHVWULQJVIURPVKRUWHVWWRORQJHVW7KLVZLOOPDNHLWHDVLHUWRDQVZHU
WKHTXHVWLRQ:KRWRRNWKHELJJHVWVWHS"
-&*0/
D02
D02<HNGM=HPG
<Zilne^E^llhgLnffZkr
8VHDVWRU\WRLQWURGXFHFRXQWLQJEDFNZDUGIURPWHQ
FZm^kbZel
M^Z\a^k
‡ 7HQ1LQH(LJKWE\0ROO\%DQJ
8S7R7HQDQG'RZQ$JDLQE\
/LVD&DPSEHOO(UQVWRUDQRWKHU
FRXQWLQJEDFNZDUGVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ 7HQFRXQWHUV
5HDG7HQ1LQH(LJKWE\0ROO\%DQJ8SWR7HQDQG'RZQ$JDLQE\/LVD&DPSEHOO(UQVWRU
DQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
'LVWULEXWHFRXQWHUVDQGFKHFNWKDWHDFKVWXGHQWKDVWHQFRXQWHUVRQDPDWLQIURQWRIKLPRUKHU
5HUHDGWKHVWRU\WKLVWLPHLQVWUXFWLQJVWXGHQWVWRUHPRYHFRXQWHUVDVWKHVWRU\SURJUHVVHV
7
+RZPDQ\FRXQWHUVGR\RXKDYHRQ\RXUPDW"
6
7
3OHDVHFRXQWWRPDNHVXUH
$VZHUHDGHDFKVHFWLRQRIWKHERRNUHPRYHRQHFRXQWHUIURP\RXUPDWDQGZKLVSHUWKH
QXPEHUWKDWZLOOFRPHQH[WLQWKHVWRU\
&RQWLQXHZLWKWKHVWRU\VWRSSLQJDSSURSULDWHO\IRUVWXGHQWVWRUHPRYHDFKHFNHUDQGVD\WKHQH[W
QXPEHU
7
5HPRYHRQHFRXQWHUDQGSRLQWWRWKHQH[WQXPEHURQ\RXUGHVNWRSQXPEHUOLQH
&RQWLQXHZLWKWKHERRN2WKHUDFWLRQVFDQLQFOXGHWDSIRRWFODSKDQGVKXPZDYHDUPVFOHDU
WKURDWVDQGVRRQ
7
1RZWKDWZHKDYHUHDGWKHERRNWZLFHOHW·VFRXQWEDFNZDUGE\MXVWORRNLQJDWWKHQXPEHUV
LQWKHFRUQHUVRIWKHSDJHV
6
«
7HQ1LQH(LJKWFDQEHDIRUPDWIRUDFODVVFRXQWLQJEDFNZDUGERRN6LQFHWKLVVWRU\WDNHVSODFH
LQWKHFKDUDFWHU·VURRPWKHQHZERRNFRXOGWDNHSODFHLQWKHFODVVURRPWKHSULQFLSDO·VRIÀFHWKH
PXVLFURRPDQGVRRQ
-&*00
-&*01
D1):=CNLMF>GM(:LL>LLF>GM=:R1
D1)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQG
RUWKHQXPEHUVLQWKHOHVVRQ7KLVLVDOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQFHQWHUVRURQD
SURMHFWRI\RXUFKRLFH
7KHIROORZLQJDFWLYLWLHVFDQSURYLGHDGGLWLRQDOSUDFWLFHXVLQJRQHWRRQHFRUUHVSRQGHQFHRU
HTXLYDOHQWVHWV
Lmn]^gmFZm\a^l
3UHVHQWDVLWXDWLRQLQZKLFKWZRJURXSVRIVWXGHQWVPDWFKWKHPVHOYHVXSWRGHFLGHZKLFKJURXSKDV
PRUHRUOHVVRIYDULRXVWKLQJV)RUH[DPSOH
‡ $UHWKHUHPRUHVWXGHQWVZHDULQJVKRUWVOHHYHVRUORQJVOHHYHVWRGD\"
‡ $UHWKHUHDVPDQ\VWXGHQWVZKRZDONWRVFKRRODVULGHWRVFKRRO"
‡ 'RZHKDYHPRUHELUWKGD\VLQ'HFHPEHURULQ-DQXDU\"
‡ 'LGWKHVDPHQXPEHURIVWXGHQWVFKRRVHDSSOHMXLFHDVRUDQJHMXLFHIRUVQDFNWRGD\"
6XFKPRUHOHVVVDPHSUREOHPVLWXDWLRQVFDQEHSRVHGZLWKPDQLSXODWLYHVRUWKHRGGVDQGHQGV
PDWHULDOV
<hkk^lihg]^g\^
3UHVHQWDSUDFWLFDOVLWXDWLRQIRUVWXGHQWVWRDFWRXWRUPRGHOXVLQJRQHWRRQHFRUUHVSRQGHQFHRU
HTXLYDOHQWVHWV)RUH[DPSOH
‡ 7KHUHDUHVL[YLVLWRUVFRPLQJWRGD\DQGZHQHHGWRVHWXSFKDLUVIRUWKHP
‡ 7KHUHZLOOEHWHQVWXGHQWVZRUNLQJDWWKLVWDEOHDQGZHQHHGWRSXWSDSHUVDQGSHQFLOVRQ
WKHWDEOHRQHSDSHUDQGRQHSHQFLOIRUHDFKVWXGHQW
‡ )RUVQDFNWRGD\HDFKVWXGHQWJHWVDFRRNLHDQGDFDUWRQRIPLON6HWRXWWKHVQDFNRQD
WDEOH
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·VNLOOVDWXVLQJRQHWRRQHFRUUHVSRQGHQFHRUHTXLYDOHQWVHWV
-&*02
D1)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.2QH:D\5RDGV3RLQWHU
.&RXQWLQJ&DOFXODWRU&DOFXODWRUV
.&RXQWLQJ2Q&RXQWHUV
.2UGHU:HHNGD\RUGLQDOQXPEHUDQGVWRU\FDUGVFKDUWSDSHU
.*HRERDUGV*HRERDUGVJHREDQGVJHRSDSHU
.5RERW:DON6PDOOGROOURERW
.&RXQWLQJRQ)LYHIUDPHV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFHVR
\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH...
-&*1)
D1*
D1*HG>&P:RKH:=L*
<Zilne^E^llhgLnffZkr
)ROORZDUURZVRQDRQHZD\URDGPDSWRWDNHVRPHZDONV([SORUHGLIIHUHQWZD\VWRJR
IURPRQHSODFHWRDQRWKHUIROORZLQJWKHDUURZV
FZm^kbZel
M^Z\a^k
‡ 2QH:D\5RDG0DSSRVWHU
‡ &RORUHGFKHFNHUV
‡ $SRLQWHU
‡ $QLPDOSLFWXUHVRSWLRQDO
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3<RXPD\ZDQWWRODPLQDWHWKH2QH:D\5RDG0DSSRVWHUIRUIXWXUHXVH
7DSH\RXUFRS\RIWKH2QH:D\5RDG0DSSRVWHUWRWKHERDUG
7
7KLVLVWKHPDSRIDIRUHVW%XWLWLVDVSHFLDOIRUHVWEHFDXVHZKHQ\RXZDONLQWKLVIRUHVW
\RXPXVWIROORZWKHDUURZV
&ODULI\WKHLGHDRIIROORZLQJDQDUURZE\SRLQWLQJWRWZRGRWVDWRSSRVLWHHQGVRIWKHVDPHDUURZ
DQGDVNLQJDVWXGHQWWRWUDFHWKHDUURZLQWKHGLUHFWLRQLQGLFDWHGDV\RXZRXOG´ZDONµEHWZHHQ
WKHGRWV
7
:KRZRXOGOLNHWRWDNHDZDONWKURXJKWKLVIRUHVWVWDUWLQJKHUHSRLQWWR$"
$
'RQRWZULWHWKHOHWWHURQ\RXUSRVWHU
,WLVKHUHMXVWWRPDNHWKHGHVFULSWLRQ
RIWKHOHVVRQHDVLHUWRIROORZ
/HWVHYHUDOVWXGHQWVXVHDSRLQWHUWRWDNHZDONVVWDUWLQJDW$:KHQDPLVWDNHLVPDGHE\JRLQJ
DJDLQVWWKHGLUHFWLRQRIDQDUURZDVNWKHVWXGHQWWRVWRSDQGOHWVRPHERG\HOVHWDNHDZDON
7KURXJKRXWWKHOHVVRQWKHUHVWRIWKHFODVVFDQEHLQYROYHGE\SUHWHQGLQJWREHIRUHVWUDQJHUVDQG
SURWHVWLQJIRUH[DPSOHE\UDLVLQJERWKKDQGVZKHQVRPHRQHWULHVWRJRWKHZURQJZD\DORQJD
RQHZD\SDWK
-&*1*
D1*
$IWHUVHYHUDOVWXGHQWVKDYHKDGWKHRSSRUWXQLW\WRZDQGHUIUHHO\WKURXJKWKHIRUHVWSURFHHGZLWKWKH
VWRU\DVIROORZV
7
$WWKLVGRWWKHUHOLYHVDUDEELW3ODFHDFKHFNHURUUDEELWSLFWXUHE\WKHGRWLQGLFDWHGLQ
WKHSLFWXUHEHORZ$QGKHUHLVDELJMXLF\FDUURW3ODFHDFKHFNHURIDGLIIHUHQWFRORURUD
FDUURWSLFWXUHE\WKHGRWLQGLFDWHGLQWKHSLFWXUH&DQ\RXKHOSWKHUDEELWUHDFKWKHFDUURW"
#ARROT
0ORCUPINE
$
7ORM
2ABBIT
'RQRWZULWHWKHVHZRUGVRQ\RXUSRVWHU
7KH\DUHKHUHMXVWWRPDNHWKHGHVFULSWLRQ
RIWKHOHVVRQHDVLHUWRIROORZ
$OORZVHYHUDOVWXGHQWVWRÀQGSDWKVIURPWKHUDEELWWRWKHFDUURWE\IROORZLQJDUURZV$IWHU
RQHFRUUHFWZD\LVVKRZQDVNIRUDGLIIHUHQWZD\5HPRYHWKHWZRFKHFNHUVRUSLFWXUHVEHIRUH
FRQWLQXLQJ
7
$WWKLVGRWWKHUHOLYHVDSRUFXSLQH3ODFHDFKHFNHURUSRUFXSLQHSLFWXUHE\WKHLQGLFDWHG
GRW-XVWQRZWKHSRUFXSLQHKDVVSRWWHGDORQJIDWZRUPULJKWKHUH3ODFHDFKHFNHURU
ZRUPSLFWXUHE\WKHLQGLFDWHGGRW&DQ\RXKHOSWKHSRUFXSLQHFDWFKWKHZRUP"
2QFHDJDLQOHWVHYHUDOVWXGHQWVVKRZGLIIHUHQWZD\VRIIROORZLQJDUURZVIURPWKHSRUFXSLQHWRWKH
ZRUP
3ODFHDODPLQDWHGFRS\RI2QH:D\5RDG0DSWRJHWKHUZLWKVHYHUDOSODVWLFIRUHVWDQLPDOVLQD
FHQWHUIRUVWXGHQWVWRSUDFWLFHIROORZLQJDUURZV
-&*1+
D1+<HNGMBG@<:E<NE:MHK+
D1+
<Zilne^E^llhgLnffZkr
8VHWKHFRXQWLQJFDOFXODWRUWRUHFRJQL]HDQXPEHUVHTXHQFHDQGFRPSDUHQXPEHUV
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRU
Lmn]^gm
‡ &DOFXODWRU
>q^k\bl^*
7
'RHVDQ\RQHUHPHPEHUKRZWRWHDFKRXUFDOFXODWRUVWRFRXQWE\RQHV"
$OORZWLPHIRUVWXGHQWVWRVKDUHZKDWWKH\UHPHPEHU$VNVWXGHQWVWRFRPHWRWKHRYHUKHDG
FDOFXODWRUWRSUHVVWKHULJKWNH\V/HWDVWXGHQWOHDGWKHFODVVLQSUHSDULQJWKHLUFDOFXODWRUVRU
GRVR\RXUVHOILIQHFHVVDU\
7
3UHVVMCVRLVRQWKHFDOFXODWRUGLVSOD\
1RZSUHVVOCD<RXUGLVSOD\VKRXOGVKRZ
'RQRWSUHVVDQ\RWKHUNH\ULJKWQRZ:HDUHJRLQJWRSOD\DJDPHFDOOHG)DVWHVW)LQJHU
:KHQ,VD\JR,ZDQW\RXWRSUHVVSDJDLQDQGDJDLQDVIDVWDV\RXFDQXQWLOLVRQ
\RXUGLVSOD\7U\WRVWRSDWH[DFWO\,I\RXJRSDVW\RXPXVWVWDUWRYHU
:KDWGRHVORRNOLNH"
&DOORQVRPHRQHWRSRLQWWRRQWKHQXPEHUOLQHDV\RXZULWHLWRQWKHERDUG
7
:KHQ\RXKDYHSXW\RXUFDOFXODWRUGRZQDQGUDLVH\RXUKDQG5HDG\«VHW«JR
$V\RXFLUFXODWHKHOSVWXGHQWVWRVWDUWRYHUDVQHFHVVDU\,WLVWREHH[SHFWHGWKDWVWXGHQWVZLOOJR
SDVWDFRXSOHWLPHVEHFDXVHWKH\DUHWU\LQJWREHIDVW<RXPD\ZDQWWRDVNWKRVHZKRJRSDVW
KRZPXFKPRUHWKDQWKH\JRW$IWHUWKHÀUVWIHZVWXGHQWVJHWFKHFNWKHLUFDOFXODWRUV7KHQ
DVNHYHU\RQHWRVWRS
7
2ND\ZHKDYHVRPHSUHWW\IDVWÀQJHUV,EHWWKRVHZKRGRQ·WKDYHDUHSUHWW\FORVH:KDW
DUHVRPHQXPEHUV\RXKDYHRQ\RXUGLVSOD\"
6
6
6
>q^k\bl^+
7HOOWKHVWXGHQWVWRDJDLQSUHSDUHWKHLUFDOFXODWRUVWRFRXQWE\RQHV7KDWLVSUHVVMWKHQSUHVV
OCDDQGVWRSIRUWKHPRPHQW
-&*1,
D1+
7
/HW·VDJDLQSUHVVSCDVIDVWDVSRVVLEOH7KLVWLPHZKHQ,VD\JROHW·VVHHZKRFDQUHDFK
WKHJUHDWHVWQXPEHULQDVKRUWWLPH:KHQ,VD\VWRS\RXPXVWVHW\RXUFDOFXODWRUVGRZQ
7KHQZHZLOOVHHZKDWQXPEHUV\RXKDYHRQ\RXUGLVSOD\V
&KHFNWKDWDOOWKHVWXGHQWVKDYHWKHLUFDOFXODWRUVSUHSDUHGWRFRXQWE\RQHV7KHQJLYHWKHVLJQDOWR
JR8VHWKHVHFRQGKDQGRQDFORFNRUFRXQWRXWVHFRQGVVLOHQWO\WKHQVD\VWRS
7
/HW·VVHHZKRKDVWKHJUHDWHVWQXPEHU"
&KHFNZLWKVHYHUDOVWXGHQWVDQGDVNWKDWWKH\ÀQGWKHLUQXPEHUVRQWKHQXPEHUOLQH)RUH[DPSOH
7
:KDWQXPEHUGR\RXKDYHRQWKHGLVSOD\0DQG\"
6
7
,I\RXUGLVSOD\LVPRUHWKDQUDLVH\RXUKDQG
&KHFNZLWKRWKHUVWXGHQWVXQWLO\RXÀQGWKHJUHDWHVWQXPEHU
7
0DQG\JRW'LGDQ\RQHHOVHJHW":KRJRWFORVHVWWR0DQG\·VQXPEHU"
$OORZVWXGHQWVWRGLVFXVVKRZWRFKHFNZKLFKQXPEHULVFORVHVW7KLVGLVFXVVLRQPD\EHOLYHO\VLQFH
FORVHVWFDQEHHLWKHUOHVVRUPRUH
/HWVWXGHQWVH[SHULPHQWZLWKWKHFDOFXODWRUVIRUDZKLOHEHIRUHHQGLQJWKHOHVVRQ
-&*1-
D1,
D1,D:&;EH<DL<Zilne^E^llhgLnffZkr
&RPSDUHDQGFRQWUDVW.$EORFNV8VH\HVQRTXHVWLRQVWRJXHVVDKLGGHQ.$EORFN
FZm^kbZel
M^Z\a^k
‡ .$EORFNV
‡ &LUFOHV7ULDQJOHVDQG6TXDUHV
E\7DQD+REDQRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ .$%ORFNV
>q^k\bl^*
5HDG&LUFOHV7ULDQJOHVDQG6TXDUHVE\7DQD+REDQRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
+ROGXSWZR.$EORFNVDQGDVNVWXGHQWVWRÀQGWKHVDPHWZRSLHFHVLQVHWV
7
+RZDUHWKHVHSLHFHVGLIIHUHQW"
+RZDUHWKH\DOLNH"
(PSKDVL]HLGHDVVXFKDVWKH\DUHGLIIHUHQWVKDSHVFRORUVVL]HVRUWKH\DUHWKHVDPHVKDSHFRORU
VL]H5HSHDWWKLVDFWLYLW\IRUVHYHUDOSDLUVRI.$EORFNV6WXGHQWVZLOOEXLOGXSDUHSHUWRLUHRI
FRPSDULVRQVDQGFRQWUDVWV<RXFDQWKHQLQFUHDVHWKHGLIÀFXOW\RIWKHJDPHE\DVNLQJIRUPRUHZD\V
LQZKLFKWKHSLHFHVDUHDOLNHDQGGLIIHUHQW
>q^k\bl^,
6HOHFWRQHRIWKH.$EORFNVWRKLGHLQDER[RUEHKLQG\RXUEDFN/HWVWXGHQWVDVN\HVQR
TXHVWLRQVXQWLOWKH\DUHDEOHWRLGHQWLI\ZKLFKSLHFHLVKLGGHQ6XSSRVHIRUH[DPSOH\RXKLGHD
ELJJUHHQFLUFOH
6
,VLWUHG"
7
1RLWLVQRWUHG7KDWZDVDJRRGTXHVWLRQ
6
,VLWDVTXDUH"
7
1RLWLVQRWDVTXDUH7KDWZDVDOVRDJRRGTXHVWLRQ
6
,VLWDJUHHQWULDQJOH"
7
1R
6
,VLWJUHHQ"
7
<HVLWLVJUHHQ
6
,VLWELJ"
7
<HVLWLVELJ
-&*1.
D1,
6
,VLWDUHGFLUFOH"
7
1R5HPHPEHULWLVJUHHQ
6
,VLWDFLUFOH"
7
<HVLWLVDFLUFOH
6
$VPDOOJUHHQFLUFOH"
7
$OPRVW«
6
$ELJJUHHQFLUFOH"
7
<HV
6KRZWKHKLGGHQSLHFHWRWKHVWXGHQWVDQGUHSHDWZLWKRQHRUWZRPRUHKLGGHQSLHFHV
Ghm^37KHUHDUHDWOHDVWWZRLPSRUWDQWLGHDVWKDWVWXGHQWVFDQGHYHORSE\HQJDJLQJLQWKHVH
DFWLYLWLHV)LUVWJHWWLQJD´QRµDQVZHUWRDTXHVWLRQLVQRWDIDLOXUH,QVWHDGD´QRµDQVZHUFDQJLYH
MXVWDVPXFKLQIRUPDWLRQDVD´\HVµDQVZHU$QRWKHULPSRUWDQWLGHDIRUVWXGHQWVWROHDUQLVKRZWR
DVNXVHIXOTXHVWLRQV7KHSURFHGXUHRIÀUVWHOLPLQDWLQJHQWLUHFODVVHVRIREMHFWVLQVWHDGRILQGLYLGXDO
REMHFWVLVDXVHIXORQH$VDQLQLWLDOTXHVWLRQ´,VLWDVPDOOJUHHQVTXDUH"µLVQRWJRLQJWRJLYHYHU\
PXFKLQIRUPDWLRQLIWKHDQVZHULVQR2QWKHRWKHUKDQG´,VLWJUHHQ"µZLOOJLYHDORWRILQIRUPDWLRQ
QRPDWWHUZKDWWKHDQVZHULV2IFRXUVHLWZLOOWDNHWLPHIRU\RXUVWXGHQWVWRUHDVRQLQWKLVZD\7KH
ZD\\RXDQVZHUFDQKHOSVWXGHQWVIRUH[DPSOHDQVZHUXVHIXOTXHVWLRQVZLWKIXOOVHQWHQFHVVXFK
DV´1RLWLVQRWDVTXDUHµ7KLVJLYHVHYHU\RQHDVHFRQGFKDQFHWRKHDUZKDWWKHTXHVWLRQZDV
,I\RXUVWXGHQWVHQMR\WKLVJDPHIHHOIUHHWRSOD\LWDJDLQDQGDJDLQRQYDULRXVRFFDVLRQVDVDVKRUW
DFWLYLW\
:]]bmbhgZeIkZ\mb\^3$VNWZRRUWKUHHVWXGHQWVWRZRUNWRJHWKHU,QVWUXFWRQHVWXGHQWWRKLGHD
SLHFHDQGWKHRWKHUVWXGHQWVWRDVNTXHVWLRQVWRJHWFOXHVXQWLOWKH\NQRZWKHKLGGHQSLHFH
$VNDVWXGHQWWRSODFHVRPHWKLQJSHUKDSVEURXJKWIURPKRPHLQD´VXUSULVHER[µ7KHQVXJJHVW
RWKHUVWXGHQWVDVNTXHVWLRQVWRJXHVVWKHREMHFW$OORZWKHVWXGHQWZKRSXWWKHREMHFWLQWKHER[WR
JLYHWKUHHFOXHV7KHVWXGHQWZKRWKHQJXHVVHVZKDWLVLQWKHVXUSULVHER[FDQEULQJDQREMHFWWKH
QH[WGD\DQGWKHJDPHFRQWLQXHV7KLVFDQJRRQHYHU\GD\IRUDZKLOHLI\RXOLNH
-&*1/
D1-
D1-<HNGMBG@&HG+
<Zilne^E^llhgLnffZkr
3UDFWLFHFRXQWLQJRQ
FZm^kbZel
M^Z\a^k
‡ 0DJQHWLFFKHFNHUV
‡ 6KHHWRI¼[SDSHU
‡ 7HQ%ODFN'RWVE\'RQDOG&UHZV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
Lmn]^gm
‡ 7HQFRXQWHUV
>q^k\bl^*
5HDG7HQ%ODFN'RWVE\'RQDOG&UHZVRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
3ODFHWHQFKHFNHUVRQWKHERDUGZLWKRXWWHOOLQJRUVKRZLQJWKHFODVVKRZPDQ\FKHFNHUVDUHRQWKH
ERDUG&RYHUXSVL[FKHFNHUVZLWKDVKHHWRISDSHU
7
7U\WRJXHVVKRZPDQ\FKHFNHUVDUHRQWKHERDUG
7KHUHDUHVL[FKHFNHUVXQGHUWKHSDSHU
/HWVWXGHQWVPDNHJXHVVHV$VNWKRVHZKRVD\WHQWRWHOOWKHFODVVZK\WKH\WKLQNWKHUHDUHWHQ
6RPHRQHPD\VXJJHVWFRXQWLQJRQIURPVL[RWKHUZLVHVXJJHVWWKLV\RXUVHOI3XW\RXUKDQGRYHUWKH
SDSHUDV\RXVD\´6L[µDQGWKHQSRLQWWRWKHIRXUYLVLEOHFKHFNHUVRQHDWDWLPHDV\RXFRXQW
7
/HW·VFRXQWRQIURPVL[«VHYHQHLJKWQLQHWHQ
5HSHDWWKHGHPRQVWUDWLRQVHYHUDOPRUHWLPHVXVLQJIRUH[DPSOHQLQHFKHFNHUVDQGFRYHULQJÀYH
ZLWKWKHVKHHWRISDSHUXVLQJFKHFNHUVDQGFRYHULQJHLJKWZLWKWKHVKHHWRISDSHUDQGXVLQJ
FKHFNHUVDQGFRYHULQJVL[ZLWKWKHVKHHWRISDSHU
>q^k\bl^,
'LVWULEXWHWHQFRXQWHUVWRHDFKVWXGHQW
7
3XWWKHFRXQWHUVLQDURZ
7
1RZSXW\RXUOHIWKDQGRYHUIRXUFRXQWHUV
-&*10
D1-
7
3RLQWWR\RXUKDQG+RZPDQ\FRXQWHUVDUHXQGHU\RXUKDQG"
6
)RXU
7
/HW·VFRXQWRQIURPIRXU
6
)LYHVL[VHYHQHLJKWQLQHWHQ
5HSHDWWKLVDFWLYLW\KLGLQJDGLIIHUHQWQXPEHURIFRXQWHUVXQGHUWKHOHIWKDQG
:ll^llf^gm3<RXPD\OLNHWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²NWR
QRWHDVWXGHQWV·FRXQWLQJDQGFRXQWLQJRQVNLOOV
8VLQJGHPRQVWUDWLRQGRWFDUGVLQVWUXFWVWXGHQWVWRÀQGWKHQXPEHURIGRWVRQWZRGRWFDUGVWRJHWKHU
)RUH[DPSOHREVHUYHWKHÀUVWGRWFDUGDQGSODFHLWIDFHGRZQ7KHQFRXQWRQZLWKWKHGRWVLQWKH
VHFRQGGRWFDUG
x
7KHVHFDQDOVREHXVHGWRFRXQWRQIURPJUHDWHUQXPEHUVOLNHHVSHFLDOO\LI\RXZULWHWKHQXPEHU
RQEDFNRIDFDUGZLWKGRWV
-&*11
D1.
D1.HK=>K*
<Zilne^E^llhgLnffZkr
,QDVWRU\FRQWH[WLQWURGXFHWKHRUGHURIWKHGD\VRIWKHZHHNDQGRUGLQDOQXPEHU
FRQFHSWV
FZm^kbZel
M^Z\a^k
‡ 0D\,%ULQJD)ULHQG"E\
%HDWULFH6FKHQNGH5HJQLHUVRU
DQRWKHUERRNDERXWWKHGD\VRI
WKHZHHN
‡ +HUH:H*R·5RXQGWKH
0XOEHUU\%XVKQXUVHU\UK\PH
‡ :HHNGD\FDUGV
‡ 2UGLQDOQXPEHUFDUGV
‡ 6WRU\FDUGV
‡ &KDUWSDSHU
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg33UHSDUHVHYHQFDUGVZLWKWKHGD\VRIWKHZHHNZULWWHQRQWKHPDQGDQRWKHUVHYHQ
FDUGVZLWKRUGLQDOQXPEHUVÀUVWWKURXJKVHYHQWKZULWWHQRQWKHP$OVRSUHSDUHFDUGVWKDWLOOXVWUDWHWKHVWRU\
\RXVHOHFWIRUH[DPSOHIRU0D\,%ULQJD)ULHQG"WKHVWRU\FDUGVFRXOGEHRIWKHGLIIHUHQWDQLPDOV
/HDGWKHFODVVLQVLQJLQJ+HUH:H*R·5RXQGWKH0XOEHUU\%XVKWRLQWURGXFHWKHLGHDRIDF\FOH
7KHQUHDG0D\,%ULQJD)ULHQG"E\%HDWULFH6FKHQNGH5HJQLHUVRUDQRWKHUERRNDERXWWKHGD\VRI
WKHZHHN
Ghm^37KHIROORZLQJGLDORJXHDQGLQVWUXFWLRQVDUHEDVHGRQ0D\,%ULQJD)ULHQG",I\RXDUHXVLQJ
DQRWKHUSLHFHRIOLWHUDWXUHDGMXVWLWDFFRUGLQJO\
7
,QRXUVWRU\WKHER\FDPHWRWKHFDVWOHHDFKGD\ZLWKDQHZIULHQG,DPJRLQJWRSDVVRXW
FDUGVZLWKWKHQDPHVRIWKHGD\VRIWKHZHHNRQWKHP
$V\RXGRWKLVDVNHDFKVWXGHQWWRVD\WKHQDPHRQKLVRUKHUFDUGDORXG
'LVWULEXWHWKHDQLPDOFDUGVDQGRUGLQDOQXPEHUFDUGVLQWKHVDPHZD\
$V\RXUHDGWKHERRNDJDLQLQVWUXFWWKHVWXGHQWZLWKWKHDSSURSULDWHFDUGWRVWDQGDQGKROGXS
WKHFDUGZKHQWKDWGD\RUGLQDOQXPEHURUDQLPDOLVPHQWLRQHGLQWKHVWRU\)RUH[DPSOHZKHQ
\RXUHDGWKDWWKHJLUDIIHZDVWKHÀUVWDQLPDOEURXJKWWRWKHFDVWOHRQ6XQGD\WKHVWXGHQWVZLWKWKH
FRUUHVSRQGLQJFDUGVVKRXOGVWDQGKROGXSWKHLUFDUGVDQGWKHQVLWGRZQDJDLQ
3UNDAY
&IRST
ST
'IRAFFE
-&*12
D1.
:KHQ\RXUHDGDERXWWKHVHFRQGDQLPDOWKHVWXGHQWVZLWKWKH0RQGD\6HFRQGDQG+LSSRFDUGV
VKRXOGVWDQG&RQWLQXHWKURXJKWKHVWRU\LQWKLVPDQQHU$WWKHSDUWRIWKHVWRU\ZKHUHDOOWKHDQLPDOV
DUHEURXJKWWRWKHFDVWOHWKHVWXGHQWVKROGLQJWKH6DWXUGD\6HYHQWKDQGDOOWKHDQLPDOFDUGVVKRXOG
VWDQG
'LUHFWWKHVWXGHQWVWRVLWGRZQDJDLQVWLOOKROGLQJWKHLUFDUGV7KHQDVNWKHVWXGHQWVZLWKZHHNGD\
FDUGVWRRUJDQL]HWKHPVHOYHVLQRUGHUIURP6XQGD\WKURXJK6DWXUGD\LQIURQWRIWKHFODVV7KHUHVW
RIWKHFODVVVKRXOGKHOSDQGWKHQFRPSDUHWKHRUGHUWRWKDWVKRZQRQDFODVVFDOHQGDU7DNHWKHFDUGV
DQGWDSHWKHPLQRUGHUWRWKHERDUGRUWRDODUJHSLHFHRIFKDUWSDSHU
1H[WFDOORQWKHVWXGHQWVKROGLQJRUGLQDOQXPEHUFDUGVWRRUJDQL]HWKHPVHOYHVIURPÀUVWWRVHYHQWK
LQIURQWRIWKHFODVV$JDLQDVNWKHUHVWRIWKHFODVVWRKHOSDQGFKHFN7DNHWKHVHFDUGVDQGWDSHWKHP
WRWKHERDUGRUFKDUWSDSHUXQGHUWKHDSSURSULDWHZHHNGD\FDUGV
)LQDOO\DVNHDFKVWXGHQWZLWKDQDQLPDOFDUGWRUHFDOOWKHVWRU\DQGSODFHWKHLUFDUGXQGHUWKH
DSSURSULDWHZHHNGD\DQGRUGLQDOQXPEHUFDUGVRQWKHERDUG
-&*2)
D1/
D1/@>H;H:K=L<Zilne^E^llhgLnffZkr
&RQWLQXHIUHHH[SORUDWLRQRIGHVLJQVZLWKWKHJHRERDUGV7UDQVIHUWKHGHVLJQVWR
JHRSDSHU
FZm^kbZel
M^Z\a^k
‡ *HRERDUGDQGJHREDQGV
‡ 2YHUKHDGJHRSDSHU
‡ 0DUNHUV
‡ %ODFNOLQH.
Lmn]^gm
‡ *HRERDUGDQGJHREDQGV
‡ *HRSDSHU
‡ &UD\RQVPDUNHUV
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WRPDNHJHRSDSHUIRUVWXGHQWVDQGDQRYHUKHDGWUDQVSDUHQF\
7
/DVWWLPHZHZRUNHGZLWKJHRERDUGV,QRWLFHG\RXFUHDWHGVRPHZRQGHUIXOGHVLJQV
8QIRUWXQDWHO\ZKHQZHSXWDZD\WKHJHRERDUGVRXUGHVLJQVZHUHJRQH7RGD\\RXFDQ
DJDLQFUHDWHGHVLJQVRQ\RXUJHRERDUGVDQGZKHQ\RXKDYHDGHVLJQ\RXUHDOO\OLNH\RX
FDQGUDZLWRQDSDSHUOLNHWKLV/HWPHVKRZ\RXRQWKHRYHUKHDG
)LUVWSXWDVLPSOHGHVLJQRQ\RXUJHRERDUGWRVKRZWKHFODVV7KHQGUDZWKLVGHVLJQRQWKHRYHUKHDG
WUDQVSDUHQF\RIJHRSDSHU
3DLUVWXGHQWVDQGSURYLGHHDFKSDLUZLWKDJHRERDUGWZRJHREDQGVRQH\HOORZDQGRQHUHGDQG
JHRSDSHU'LUHFWSDUWQHUVWRFUHDWHGHVLJQVDVWKH\OLNHRQWKHJHRERDUGVDQGZKHQWKH\KDYHD
GHVLJQWKH\OLNHWRGUDZLWRQWKHJHRSDSHUXVLQJFUD\RQVRUPDUNHUV,IVRPHVWXGHQWSDLUVDUHGRLQJ
ZHOOZLWKMXVWWZRJHREDQGV\RXPD\OLNHWROHWWKHPXVHRQHRUWZRPRUHJHREDQGVLQWKHLUGHVLJQV
Ghm^38VLQJWKHJHRERDUGVWXGHQWVZLOOEHDEOHWRPDNHDOONLQGVRIVKDSHVSLFWXUHVOHWWHUVDQG
QXPHUDOV$V\RXZDONDURXQGWKHURRPREVHUYLQJ\RXPD\ZDQWWRFRPPHQWRQVRPHGHVLJQV,I
\RXQRWLFHVRPHVWXGHQWV·GHVLJQVDUHV\PPHWULFDOVKRZWKHPWKHOLQHRIV\PPHWU\DQGH[SODLQ
KRZLWDFWVOLNHDPLUURUFUHDWLQJWZRLGHQWLFDOSDUWV)HHOIUHHWRDVNTXHVWLRQVRUPDNHFRPPHQWV
DVDSSURSULDWH$VZLWKDQ\PDQLSXODWLYHPDWHULDODOORZDIHZPRPHQWVDWWKHHQGRIFODVVWRSXW
JHREDQGVDQGJHRERDUGVDZD\
-&*2*
-&*2+
D10
D10KH;HMP:ED+
<Zilne^E^llhgLnffZkr
3UDFWLFHIROORZLQJGLUHFWLRQVWRPRYHDURERWDORQJWKHOLQHVDQGEHWZHHQLQWHUVHFWLRQVRI
DJULG
FZm^kbZel
M^Z\a^k
‡ 5RERWZDONJULGVKHHW
‡ &RORUHGFKHFNHUV
‡ 6PDOOGROOURERWÀUHÀJKWHU
SROLFHRIÀFHUDQGVRRQ
Lmn]^gm
‡ 1RQH
5HSHDW/HVVRQ.$VDYDULDWLRQRI([HUFLVHSODFHWKHURERWRQRQHLQWHUVHFWLRQDEOXHFKHFNHU
RQDVHFRQGLQWHUVHFWLRQDQGVRPHUHGFKHFNHUVRQRWKHULQWHUVHFWLRQV
'LUHFWRQHVWXGHQWWREHWKHURERWRSHUDWRUDQG
DQRWKHUVWXGHQWWRJLYHGLUHFWLRQVVWLOORQH
DWDWLPH7KHJRDOLVWRJLYHDVHTXHQFHRI
GLUHFWLRQVVRWKDWWKHURERWHYHQWXDOO\UHDFKHVWKH
EOXHFKHFNHUZLWKRXWODQGLQJRQDUHGFKHFNHU
REVWDFOHRQWKHZD\
5RERW
-&*2,
-&*2-
D11
D11D:&;EH<DL.
<Zilne^E^llhgLnffZkr
)LQG.$EORFNSLHFHVWKDWDUHWKHVDPHRUGLIIHUIURPDJLYHQSLHFHLQVSHFLÀHGZD\V
$FFRUGLQJWRDVHFUHWUXOHSODFHDVHTXHQFHRI.$EORFNVRQWKHERDUG/HWWKHVWXGHQWV
JXHVVZKDWWKHSDWWHUQPLJKWEH
FZm^kbZel
M^Z\a^k
‡ .$EORFNV
‡ 0DVNLQJWDSH
Lmn]^gm
‡ .$EORFNVHW
(DFKVWXGHQWVKRXOGKDYHWKHLURZQVHWRI.$EORFNV$OORZDIHZPLQXWHVIRUIUHHSOD\EHIRUH
GRLQJWKHH[HUFLVHVEHORZ
>q^k\bl^*
,QVWUXFWWKHVWXGHQWVWRSODFHWKH.$EORFNVLQIURQWRIWKHPVRWKDWWKH\FDQHDVLO\ORFDWHGLIIHUHQW
SLHFHV+ROGXSDQ\.$EORFNSLHFH
7
)LQGDQGKROGXSDSLHFHWKDWLVWKHVDPHFRORUDVWKLVRQH
$Q\SLHFHVWKHVDPHFRORUDVWKHRQH\RXDUHKROGLQJDUHÀQHUHJDUGOHVVRIWKHLURWKHUDWWULEXWHV
5HSHDW\RXUUHTXHVWXVLQJVRPHRIWKHIROORZLQJGHVFULSWLRQV$GMXVWWKHGLIÀFXOW\IRU\RXUFODVV
‡ $SLHFHWKDWLVWKHVDPHVKDSH
‡ $SLHFHWKDWLVWKHVDPHFRORUDQGDGLIIHUHQWVKDSH
‡ $SLHFHWKDWLVDGLIIHUHQWVL]H
‡ $SLHFHWKDWLVDGLIIHUHQWFRORUDQGDGLIIHUHQWVL]H
‡ $SLHFHWKDWLVWKHVDPHVL]HVDPHFRORUDQGDGLIIHUHQWVKDSH
‡ $SLHFHWKDWLVGLIIHUHQWLQDOOWKUHHZD\V
‡ $SLHFHWKDWLVWKHVDPHLQMXVWRQHZD\
>q^k\bl^+
Ghm^3,I\RXKDYHDPDJQHWLFERDUG\RXPD\ZLVKWRXVHDVHWRI.$EORFNVWKDW\RXKDYH
´PDJQHWL]HGµZLWKDGKHVLYHPDJQHWLFPDWHULDO,I\RXXVHPDVNLQJWDSHLQVWHDGPDNHVXUHWKHERDUG
LVDVFOHDQDVSRVVLEOHIRUJRRGDGKHVLRQ<RXPD\DOVRFRQGXFWWKLVDFWLYLW\RQWKHÁRRURUDWDEOH
PDNLQJVXUHWKDWDOOVWXGHQWVFDQVHH
7
,·PJRLQJWRSXWVRPH.$EORFNVLQDURZ(DFKWLPH,SXWRQHLQWKHURZ,ZLOOIROORZD
UXOH
6HHLI\RXFDQJXHVVZKDWP\UXOHLV
-&*2.
D11
'LVSOD\WKHIROORZLQJ.$EORFNVRQHDWDWLPHIURPOHIWWRULJKW7KHVHSLHFHVPD\EHDQ\VL]HRU
VKDSHDVORQJDVWKH\DOWHUQDWHLQFRORUEOXHUHGEOXHUHG«
7
:KLFKSLHFHGR\RXWKLQN,FRXOGSXWXSQH[W":KHQ,FRXQWWRWKUHHKROGXSDSLHFHWKDW
\RXWKLQNFRXOGJRQH[W5HDG\"2QHWZRWKUHH
/HWDVWXGHQWFRPHXSDQGVHOHFWD.$EORFNSLHFHIURP\RXUVHWWRJRQH[W,IWKHVWXGHQWVHOHFWV
IRUH[DPSOHDVPDOOEOXHWULDQJOHRUDQ\EOXHSLHFHVD\
7
<HVWKDWEORFNIROORZVP\UXOH
3ODFHWKHVXJJHVWHGEORFNRQWKHERDUG,IDVWXGHQWVHOHFWVDSLHFHRIDFRORURWKHUWKDQEOXHVD\
7
7KDWEORFNGRHVQRWIROORZP\UXOH
(YHU\VHTXHQFHRIEORFNVIROORZVVRPHUXOHDOWKRXJKWKHUXOHPD\EHDQDUELWUDU\RQHVXFKDVEOXH
UHGEOXHUHGEOXHUHGJUHHQEOXHUHGEOXHUHGEOXHUHGJUHHQDQGVRRQ7KHUHDUHUHDOO\QRZURQJ
DQVZHUVLQWKLVOHVVRQVREHFDUHIXOQRWWRWHOOVWXGHQWVWKH\DUHZURQJRQO\WKDWDEORFNGRHVQRW
IROORZ\RXUUXOH
&RQWLQXHDVNLQJVWXGHQWVWRVHOHFWEORFNVIROORZLQJWKHDOWHUQDWLQJFRORUSDWWHUQ:KHQ\RXIHHOPRVW
HYHU\RQHNQRZV\RXUUXOHLHUHFRJQL]HVWKHSDWWHUQDVNVRPHRQHWRVD\WKHUXOHDORXG
5HPRYHDOOWKHEORFNVDQGUHSHDWWKHH[HUFLVHZLWKDGLIIHUHQWUXOH%HVXUHWRWHOOWKHFODVVWKDW\RX
DUHXVLQJDGLIIHUHQWUXOH7KHIROORZLQJVHTXHQFHXVHVDUXOHWKDWLVDOLWWOHPRUHGLIÀFXOWWKDQWKH
ÀUVWH[DPSOH
&RORUDQGVL]HDUHLUUHOHYDQWKHUHVKDSHLVZKDWPDWWHUV<RXPD\KDYHWRFRQWLQXHWKHVHTXHQFH
HYHQIXUWKHUEHIRUHWKHFLUFOHWULDQJOHVTXDUHSDWWHUQEHFRPHVHYLGHQW7KLVWLPH\RXPD\ZDQWWR
OHWVWXGHQWVZKRWKLQNWKH\NQRZWKHUXOHZKLVSHULWWR\RXRUMXGJHWKHFKRLFHIRUDQH[WSLHFH
8VHRWKHUPDWHULDOVHJ8QLÀ[ŠFXEHVSDWWHUQEORFNVDQGVRRQWRGRVLPLODUSDWWHUQLQJDFWLYLWLHV
2UOHWVWXGHQWVFXWRXWRUWUDFHVKDSHVWKDWIROORZFHUWDLQSDWWHUQV
0DNHWDVNFDUGVWKDWGLUHFWVWXGHQWVWRSODFHSLHFHVLQDSDWWHUQ3XWWKHVHFDUGVLQDFHQWHU
-&*2/
D12
D12<HNGMBG@&HG,
<Zilne^E^llhgLnffZkr
3UDFWLFHFRXQWLQJRQXVLQJWKHQXPEHUÀYHDVDEHQFKPDUN
FZm^kbZel
M^Z\a^k
‡ 1RQH
‡ %ODFNOLQH.D
Lmn]^gm
‡ )LYHIUDPHV
‡ &KHFNHUV
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.DWRPDNHÀYHIUDPHV
7
:K\GRZHVRPHWLPHVFRXQWRQUDWKHUWKDQVWDUWLQJWRFRXQWDWRQHHYHU\WLPH"
*LYHVWXGHQWVDQRSSRUWXQLW\WRWDONDERXWFRXQWLQJDQGKRZVRPHWLPHVWKH\FRXQWVWDUWLQJDWD
QXPEHURWKHUWKDQRU<RXPD\OLNHWRUHPLQGWKHPRIDSUREOHPWKH\VROYHGLQ/HVVRQ.RU
.E\FRXQWLQJRQ
7
+RZFDQ\RXXVHFRXQWLQJRQRXWVLGHRIVFKRRO"
6
3OD\LQJDFDUGJDPH
6
)LQGLQJWKHVFRUHLQDEDOOJDPH
<RXPD\ZDQWWRVXJJHVWRQHRIWKHIROORZLQJRUDQRWKHUH[DPSOHRIFRXQWLQJRQ
‡ 6XSSRVH,KDYHFDUGVDQG,JHWWZRPRUH³«
‡ 7KHUHDUHÀYHSHRSOHLQP\IDPLO\DQGWZRIULHQGVFRPHRYHUIRUGLQQHUKRZPDQ\SODWHV
GRZHQHHG")LYH«VL[VHYHQ
‡ 7KHVFRUHZDVDQGZHVFRUHGWKUHHPRUHSRLQWV:KDWLVWKHVFRUHQRZ")RXUWHHQDQG
WKUHHPRUH³
7
7RGD\ZH·UHJRLQJWRFRXQWRQWRJHWÀYH
%ULQJWKUHHVWXGHQWVWRWKHIURQWRIWKHFODVV
7
6KRZPHZLWK\RXUÀQJHUVKRZPDQ\VWXGHQWVDUHKHUH3RLQWWRWKDWQXPEHURQ\RXU
GHVNWRSQXPEHUOLQH
7
+RZPDQ\PRUHVWXGHQWVGRZHQHHGWRPDNHÀYH"
6
7ZR
7
+RZGLG\RXÀJXUHRXWWKDWZHQHHGWZRPRUHVWXGHQWV"
6
:HKDYHWKUHHVRZHQHHGWZRPRUH
6
,VWDUWHGDWWKUHHDQGFRXQWHGXQWLO,JRWWRÀYH6R,FRXQWHGWZRPRUH³IRXUÀYH
5HSHDWWKLVH[HUFLVHDFRXSOHRIWLPHV
-&*20
D12
*LYHVWXGHQWVÀYHIUDPHVDQGFRXQWHUV6HWXSH[HUFLVHVVLPLODUWRWKRVHGRQHZLWKWKHVWXGHQWVDW
WKHIURQWRIWKHFODVV
7
7KHVHFDUGVDUHFDOOHGÀYHIUDPHVEHFDXVHWKH\KDYHÀYHVTXDUHVRQWKHP3XWFKHFNHUV
RQWKHÀUVWWKUHHVTXDUHV7KHVHDUHOLNHWKHWKUHHVWXGHQWVZKRZHUHVWDQGLQJXSKHUH
7
1RZKRZPDQ\PRUHFKHFNHUVGR\RXQHHGWRPDNHÀYH"
6
7ZREHFDXVHWKHUHDUHWZRHPSW\VTXDUHV
7
<HV$V\RXSXWWKHQHZFKHFNHUVRQWKHIUDPHOHW·VFRXQWRQ«IRXUÀYH
&RQWLQXHZLWKLQGLYLGXDOSUDFWLFHPRGLI\LQJQXPEHUFRPELQDWLRQV
8VHWHQIUDPHVUDWKHUWKDQÀYHIUDPHVWRGRWKHFRXQWLQJRQDFWLYLWLHVLQWKLVOHVVRQ)RUH[DPSOH
SXWRQVL[FKHFNHUV
7
+RZPDQ\PRUHFKHFNHUVGR\RXQHHGWRPDNHWHQ"
8VH%ODFNOLQH.EWRPDNHWHQIUDPHV
-&*21
D2):=CNLMF>GM(:LL>LLF>GM=:R2
D2)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKH
HQWLUHFODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\
DQGRUWKHQXPEHUVLQWKHOHVVRQ<RXPD\OLNHWRZRUNRQSDWWHUQUHFRJQLWLRQE\FUHDWLQJSDWWHUQV
ZLWK.$EORFNVRURWKHUPDQLSXODWLYHVDVGHVFULEHGLQ/HVVRQ.7KLVLVDOVRDJRRGWLPHWR
DOORZVWXGHQWVWRZRUNLQFHQWHUVRURQDSURMHFWRI\RXUFKRLFH
7KHIROORZLQJDFWLYLW\PD\EHXVHGIRUDGGLWLRQDOSUDFWLFHLQIROORZLQJDUURZV
<ZmZg]Fhnl^@Zf^
'UDZWKLVDUURZSLFWXUHRQWKHERDUG+DYHVPDOOSLFWXUHVRIDFDWDQGPRXVHKDQG\HDFKZLWKD
ORRSRIWDSHRUPDJQHWLFPDWHULDORQWKHEDFNVRWKDWWKH\FDQEHDWWDFKHGWRWKHERDUG3ODFHWKHFDW
DQGPRXVHLQWRWKHSLFWXUHDVVKRZQ
7
7KHFDWDQGPRXVHFDQRQO\UXQIURPGRWWRGRWLQWKHGLUHFWLRQRIDQDUURZ&DQWKHFDW
JHWWRWKHPRXVH"6KRZPHKRZWKHFDWPLJKWUHDFKWKHPRXVH
$OORZDVWXGHQWWRWUDFHWKHSDWKIURPWKHFDWWRWKHPRXVH
7
7U\WRSXWWKHFDWDQGPRXVHLQSODFHVVRWKDWWKHPRXVHZLOOEHVDIH
:KHQDVWXGHQWKDVSODFHGERWKWKHFDWDQGPRXVHFKHFNWKHVHQHZSRVLWLRQVE\DVNLQJLIWKHUHLV
VWLOODSDWKE\ZKLFKWKHFDWFDQUHDFKWKHPRXVH&RQWLQXHXQWLOWKHPRXVHLVVDIH
7KLVDFWLYLW\PD\EHYDULHGE\FKDQJLQJWKHDUURZSLFWXUH)RUH[DPSOHDPRUHVRSKLVWRFDWHGJDPH
PLJKWORRNOLNHWKHIROORZLQJDUURZSLFWXUH
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·VNLOOVLQSDWWHUQUHFRJQLWLRQDQGIROORZLQJGLUHFWLRQV
-&*22
D2)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
./HQJWK6WULQJ
.&RLQV&RLQVLWHPVZLWKSULFHWDJV
.+DSS\)LVK&RXQWHUVÀVKERZOSDSHU
.&RXQWLQJ&DOFXODWRU&DOFXODWRUVEORFNV
./RFDWLQJ1XPEHUVRQD1XPEHU/LQH*UDGXDWHGOLQH
.6ROLGV*HRPHWULFVROLGV
.6WULQJV6WULQJORRSV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH..
-&+))
D2*
D2*E>G@MA,
<Zilne^E^llhgLnffZkr
&RPSDUHWKHOHQJWKVRIWZRGLIÀFXOWWRPRYHREMHFWVLQWKHFODVVURRP/RRNIRU
VRPHWKLQJWKDWKDVDOHQJWKEHWZHHQWKDWRIWKHWZRREMHFWV
FZm^kbZel
M^Z\a^k
‡ 6WULQJ
‡ 2EMHFWVLQURRPWRFRPSDUH
OHQJWKV
‡ 2WKHUFRPSDUDWLYHPHDVXULQJ
WRROVRSWLRQDO
Lmn]^gm
‡ 1RQH
7RFRPSDUHPHDVXUHPHQWVVWDUWE\FKRRVLQJWZRWKLQJVLQWKHFODVVURRPWKDWZRXOGEHGLIÀFXOWWR
PRYHIRUH[DPSOHDEXOOHWLQERDUGDQGDORQJWDEOHDFURVVWKHURRPIURPWKHEXOOHWLQERDUG
7
'R\RXWKLQNWKLVWDEOHRUWKDWEXOOHWLQERDUGLVORQJHU"+RZFRXOGZHÀQGRXW"
/HWVWXGHQWVH[SUHVVWKHLURSLQLRQVDQGLGHDV(QFRXUDJHLGHDVWKDWLQYROYHPHDVXULQJDQGSXUVXHD
FRXSOHLGHDV7U\ÀUVWWRXVHDQLGHDWKDWGRHVQRWLQYROYHXVLQJDVWDQGDUGPHDVXULQJWRRO
7
<RODQGDVXJJHVWVZHFXWDSLHFHRIVWULQJWKHVDPHOHQJWKDVWKHWDEOHDQGDVHFRQGSLHFHRI
VWULQJWKHVDPHOHQJWKDVWKHEXOOHWLQERDUG7KHQZHFDQFRPSDUHWKHVWULQJV
)ROORZVXFKDVXJJHVWLRQDQGWKHQFKHFNWKHUHVXOWVDJDLQVWVWXGHQWV·HDUOLHUJXHVVHV
7
&KXQJVXJJHVWVZHPHDVXUHWKHWDEOHDQGWKHEXOOHWLQERDUGZLWKRXUKDQGV+RZZRXOG
ZHGRWKDW"
$JDLQWDNHVXJJHVWLRQVIURPVWXGHQWVDQGWU\WRJHWDQDJUHHPHQWDERXWWKHSURFHGXUHIRUH[DPSOH
VWDUWDWRQHHQGRIWKHWDEOHEXOOHWLQERDUGDQGPHDVXUHWRWKHRWKHUHQGE\DOWHUQDWLQJKDQGV
SDOPVGRZQ7KHQFRXQWKRZPDQ\KDQG´SULQWVµPDGH
:LWKVXFKDQLGHD\RXPD\OLNHWROHWPRUHWKDQRQHVWXGHQWPHDVXUHWKHWDEOHDQGPRUHWKDQ
RQHVWXGHQWPHDVXUHWKHEXOOHWLQERDUG7KHQGLVFXVVLIDSSURSULDWHZK\\RXREWDLQHGGLIIHUHQW
QXPEHUV7KLVGLVFXVVLRQPLJKWOHDGWRWKHREVHUYDWLRQWKDWLWZRXOGEHEHVWWRXVHRQHSHUVRQ·V
KDQGVWRPHDVXUHERWKWKHWDEOHDQGWKHEXOOHWLQERDUG
$IWHUWKHFODVVKDVIRXQGRQHRUPRUHPHWKRGVWRFRPSDUHWKHOHQJWKVDQGKDVGHWHUPLQHGZKLFKLV
ORQJHUWKHEXOOHWLQERDUGRUWKHWDEOHSRVHDQRWKHUSUREOHP+HUHZHDVVXPHWKHEXOOHWLQERDUGLV
ORQJHU
7
,VWKHUHVRPHWKLQJLQWKHURRPWKDWLVORQJHUWKDQWKHWDEOHEXWVKRUWHUWKDQWKHEXOOHWLQ
ERDUG"
/HWWKHFODVVPDNHVXJJHVWLRQVDQGXVHWKHLUSUHYLRXVPHWKRGVRIFRPSDULQJOHQJWKVWRYHULI\
-&+)*
D2*
3XWOHQJWKPHDVXULQJWRROVUXOHUVWDSHPHDVXUHV\DUGRUPHWHUVWLFNVVWULQJDGGLQJPDFKLQHWDSH
DQGVRRQLQDFHQWHU6XJJHVWVWXGHQWVXVHWKHVHWRROVWRFRPSDUHOLQHDUPHDVXUHVRIREMHFWVDURXQG
WKHFODVVURRPRURQWKHSOD\JURXQG
-&+)+
D2+
D2+<HBGL*
<Zilne^E^llhgLnffZkr
([DPLQHWKHFRLQVSHQQLHVQLFNHOVDQGGLPHVWRUHFRJQL]HWKHVHFRLQV$VVLJQSULFHVWR
VPDOOLWHPVDQGPDWFKFRLQVZLWKWKHLWHPV
FZm^kbZel
M^Z\a^k
‡ &ROOHFWLRQRISHQQLHVQLFNHOV
DQGGLPHV
‡ ,WHPVZLWKSULFHWDJV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg33UHSDUHDSSUR[LPDWHO\WHQVPDOOLWHPVZLWKSULFHWDJVWKDWUHDG„„„
>q^k\bl^*
6KRZWKHFODVVDFROOHFWLRQRIFRLQVSHQQLHVQLFNHOVDQGGLPHV7DNHRXWDIHZSHQQLHVDQG
LQYLWHVWXGHQWVWRWHOO\RXDERXWSHQQLHV3DVVDURXQGVRPHSHQQLHVIRUVWXGHQWVWRH[DPLQH6RPH
TXHVWLRQV\RXPLJKWDVNLQFOXGH
:KDWGR\RXQRWLFHDERXWDSHQQ\"
:KDWVKDSHLVLW":KDWFRORULVLW"
:KDWGR\RXVHHRQHLWKHUVLGH"
+RZPXFKPRQH\LVDSHQQ\"
:KHQZHWRVVRUÁLSDFRLQZHVD\LWODQGVKHDGVXSRUWDLOVXS:KLFKVLGHLVKHDGV"
:KLFKVLGHLVWDLOV"
5HSHDWWKLVH[DPLQDWLRQIRUQLFNHOVDQGGLPHV,QFOXGHREVHUYDWLRQVDERXWKRZWKHFRLQVDUHDOLNHDV
ZHOODVGLIIHUHQW
>q^k\bl^+
6HWRXWVRPHVPDOOLWHPVWKDW\RXKDYHWDJJHGZLWKSULFHWDJVWKDWUHDG„„„/HWDVWXGHQW
VHOHFWDQLWHPDQGKROGLWXS
7
+RZPXFKGRHVWKLVLWHPFRVW"/RRNDWWKHSULFHWDJ
6
„
7
:KLFKRQHFRLQFRXOGZHXVHWREX\WKLVLWHP"
<RXPD\QHHGWRUHSKUDVH\RXUUHTXHVWWREHVXUHVWXGHQWVXQGHUVWDQG\RXZDQWMXVWRQHFRLQ6RPH
VWXGHQWVPD\VXJJHVWXVLQJDGLPHDQGWKHQUHFHLYLQJFKDQJH'LUHFWWKHPWRVXJJHVWDFRLQIRU
ZKLFK\RXZRXOGQRWQHHGFKDQJH
,QYLWHDVWXGHQWWRVHOHFWRQHFRLQDQGKROGLWXS
7
:KLFKLWHPVFRXOGZHEX\ZLWKWKLVSHQQ\"
6
7KHEXWWRQ
-&+),
D2+
6
7KHSDSHUFOLS
/HWWKHVWXGHQWVVXJJHVWVHYHUDOLWHPVDQGWKHQFKRRVHRQHZLWKDSULFHWDJRI„
&RQWLQXHWKLVDFWLYLW\WRPDWFKHDFKLWHPZLWKRQHFRLQVRWKDWWKHSULFHRQWKHLWHPPDWFKHVWKH
YDOXHRIWKHFRLQ
6XJJHVWVWXGHQWVVRUWDFROOHFWLRQRIFRLQVLQWR´EDQNVµ%DQNVFDQEHER[HVPDWVFXSVDQGVRRQ
ODEHOHGZLWKFRLQYDOXHV„„„DQGRUWKHQDPHVRIFRLQVDQGRUSLFWXUHVRIWKHFRLQV
-&+)-
D2,
D2,A:IIR?BLA+
<Zilne^E^llhgLnffZkr
8VLQJDVWRU\DERXWÀVKLQDSHWVWRUHGHYHORSDQXQGHUVWDQGLQJRIOHVVWKDQJUHDWHU
WKDQDQGHTXDOWRE\GHWHUPLQLQJWKHFRUUHFWQXPEHURIÀVKLQHDFKERZO
FZm^kbZel
M^Z\a^k
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ *ROGÀVKFUDFNHUVRUFRXQWHUV
‡ )LVKERZOSDSHU
‡ 0DWKMRXUQDORUSDSHU
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WRPDNHFRSLHVRIÀVKERZOVIRUVWXGHQWV
5HSHDW/HVVRQ.7KLVWLPHWHOOVWXGHQWVWKDWWKHSHWVWRUHKDVJRWWHQELJJHUÀVKERZOVDQG-RG\LV
SXWWLQJWHQÀVKLQHDFKERZO7KLVZRXOGEHDJRRGRSSRUWXQLW\WRXVHFRXQWLQJRQPHWKRGVDJDLQ
-&+).
-&+)/
D2-
D2-<HNGMBG@<:E<NE:MHK,
<Zilne^E^llhgLnffZkr
5HYLHZKRZWRWHDFKWKHFDOFXODWRUWRFRXQWE\RQHV8VHWKHFRXQWLQJFDOFXODWRUWR
FRXQWRQ
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRU
‡ %ORFNVRURWKHUFRXQWHUV
Lmn]^gm
‡ &DOFXODWRU
'LVSOD\WKHRYHUKHDGFDOFXODWRURUDFDOFXODWRUSRVWHU5HYLHZWKHORFDWLRQDQGXVHRIYDULRXV
FDOFXODWRUNH\V
7
'R\RXUHPHPEHUKRZZHWDXJKWWKHFDOFXODWRUWRFRXQW"
6
6WDUWZLWKRURQWKHGLVSOD\1H[WSUHVVCOCD7KHQSUHVVSCSCSDQGVRRQ7KH
FDOFXODWRUFRXQWVDV\RXSUHVVS
'LVWULEXWHFDOFXODWRUVWRSDLUVRIVWXGHQWV,QYLWHDVWXGHQWWRWHDFKWKHRYHUKHDGFDOFXODWRUWRFRXQW
E\RQHVZKLOHWKHUHVWRIWKHFODVVGRHVWKHVDPHRQWKHLUFDOFXODWRUV2EVHUYHWKHFDOFXODWRUFRXQWLQJ
XSWRDERXW&OHDUWKHGLVSOD\
7
6RPHWLPHVZHVWDUWFRXQWLQJDWQXPEHUVRWKHUWKDQRU)RUH[DPSOHKRZZRXOGZH
VWDUWFRXQWLQJDW"
6
3XWRQWKHGLVSOD\3UHVVOCDDQGWKHQSCSCSCDQGVRRQ
0RGHOFRXQWLQJRQZLWKEORFNVRUFRXQWHUVDVRQHVWXGHQWLQHDFKJURXSWHDFKHVWKHFDOFXODWRUWR
FRXQWRQVWDUWLQJDW
5HSHDWDFRXQWLQJRQH[HUFLVHVWDUWLQJIURPIRUH[DPSOHDQGPRGHOWKHSURFHVVZLWKWKHQXPEHU
OLQH,QWKLVFDVHRQHVWXGHQWFDQSUHVVWKHSCNH\RQWKHFDOFXODWRUZKLOHDQRWKHUSRLQWVWRQXPEHUV
IROORZLQJRQWKHQXPEHUOLQH
7
6RPHWLPHVZHZDQWWRVWDUWFRXQWLQJDWVRPHQXPEHUDQGWRVWRSDWDQRWKHU+RZFRXOGZH
PDNHWKHFDOFXODWRUVWDUWFRXQWLQJDWDQGVWRSDW"
6
3XWRQWKHGLVSOD\3UHVVOCD7KHQSUHVVSCSCSCDQGVRRQXQWLOZHVHHRQWKH
GLVSOD\
7
'RWKLVRQ\RXUFDOFXODWRUVDQGOHW·VFRXQWKRZPDQ\WLPHVZHSUHVVS.
,QSDLUVGLUHFWRQHVWXGHQWWRSUHVVWKHNH\VRQWKHFDOFXODWRUZKLOHWKHRWKHUVWXGHQWFRXQWVKRZ
PDQ\WLPHVSLVSUHVVHG
7
+RZPDQ\WLPHVGLGZHSUHVVWKHSC"1LQHWLPHV
6RWKHFDOFXODWRUDGGHGWRJRIURPWR
-&+)0
D2:ULWHWKLVQXPEHUIDFWRQWKHERDUGWRUHLQIRUFHZKDWZDVGRQHRQWKHFDOFXODWRU
C2CCC
/HWWKHVWXGHQWVZRUNLQSDLUVWRSRVHDQGVROYHRWKHUSUREOHPVLQYROYLQJVWDUWLQJDWDQXPEHU
FRXQWLQJE\RQHVDQGVWRSSLQJDWDQRWKHUQXPEHU<RXPD\OLNHWRVXJJHVWVRPHVWXGHQWVZULWH
QXPEHUIDFWVDERXWWKHSUREOHPVWKH\GRRQWKHFDOFXODWRU
-&+)1
D2.
D2.<EHPGL
<Zilne^E^llhgLnffZkr
7HOODVWRU\DERXWFORZQVMXJJOLQJGLVKHVXVLQJGRWVVWULQJVDQGDUURZV$VNTXHVWLRQV
DERXWWKHUHODWLRQEHWZHHQFORZQVDQGGLVKHV
FZm^kbZel
M^Z\a^k
‡ 6HHWKH&LUFXVE\+$5H\
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
3UHSDUHWKHFODVVE\LQYLWLQJVWXGHQWVWRVKDUHVRPHWKLQJVWKH\NQRZDERXWDFLUFXV<RXPD\OLNHWR
GRWKLVE\ÀUVWUHDGLQJDORXGDVWRU\VXFKDV6HHWKH&LUFXVE\+$5H\
7
7RGD\ZH·UHJRLQJWRWHOODFLUFXVVWRU\
+DVDQ\RQHHYHUEHHQWRDFLUFXV"
:KDWDUHVRPHRIWKHWKLQJV\RXVHHDWDFLUFXV"
6ROLFLWPDQ\LGHDVIURPVWXGHQWV:KHQVRPHRQHPHQWLRQVFORZQVFRQWLQXH
7
,QRXUFLUFXVVWRU\WKHUHDUHFORZQV7KHVHGRWVDUHWKHFORZQV
'UDZDFRORUHGVWULQJZLWKIRXUELJGRWVLQVLGH
7
+RZPDQ\FORZQV"
6
)RXU
7
:KDWGRWKHFORZQVGRDWWKHFLUFXV"
6
)DOOGRZQ
6
0DNH\RXODXJK
6
-XJJOH
7
,QRXUFLUFXVVWRU\WKHFORZQVDUHMXJJOLQJ
:KDWWKLQJVPLJKWZHVHHWKHFORZQVMXJJOLQJ"
6
%DOOV
6
'LVKHV
7
,QWKLVVWRU\WKHFORZQVDUHMXJJOLQJGLVKHV
+HUHDUHWKHGLVKHV
-&+)2
D2.
'UDZDVHFRQGFRORUHGVWULQJZLWKWHQGRWVLQVLGH
7
+RZPDQ\GLVKHVDUHWKHUH"7HQ
'UDZDQDUURZIURPRQHFORZQGRWWRRQHGLVKGRWDV\RXVD\
7
7KLVFORZQLVMXJJOLQJWKLVGLVK
5HSHDWWKLVWZRPRUHWLPHV
7
+RZPDQ\GLVKHVLVWKLVFORZQMXJJOLQJ"
6
7KUHH
$VNWKHVWXGHQWVWRFRYHUWKHLUH\HVZKLOH\RXFRPSOHWHWKHSLFWXUH
/HWVWXGHQWVFRPPHQWIUHHO\DERXWWKHSLFWXUH
<RXPD\DVNTXHVWLRQVWKDWFDOOIRURWKHU
REVHUYDWLRQV
7
:KLFKFORZQLVMXJJOLQJWKHPRVWGLVKHV"
+RZPDQ\GLVKHVLVWKDWFORZQMXJJOLQJ")LYH
3RLQWWRRQHRIWKHRWKHUWZRMXJJOHUV+RZ
PDQ\GLVKHVLVWKLVRWKHUFORZQMXJJOLQJ"
3RLQWWRWKHGRWZLWKQRDUURZV:KDWGR
\RXWKLQNDERXWWKLVFORZQ"
,QYLWHVWXGHQWVWRLQGLFDWHDOOWKHGLVKHVEHLQJ
MXJJOHGE\DSDUWLFXODUFORZQE\WUDFLQJDVWULQJ
DURXQGWKHP'UDZWKHVWULQJV\RXUVHOI<RXPD\
ZDQWWRREVHUYHWKDW 6XJJHVWVWXGHQWVGUDZD´FORZQVDQGGLVKHVµVWRU\LQWKHLUPDWKMRXUQDOV<RXPD\ZDQWWRVSHFLI\
DQXPEHURIFORZQVRUVRPHRWKHUUHVWULFWLRQ0DNHDSRLQWRIZDONLQJDURXQGWKHURRPJLYLQJHDFK
VWXGHQWDFKDQFHWRWDONDERXWWKHLUVWRU\
-&+*)
D2/EH<:MBG@GNF;>KLHG:GNF;>KEBG>
D2/
<Zilne^E^llhgLnffZkr
&UHDWHDKXPDQQXPEHUOLQH*LYHQWKHORFDWLRQRIVRPHQXPEHUVÀQGZKLFKQXPEHUVWR
SODFHDWRWKHUPDUNV
FZm^kbZel
M^Z\a^k
‡ *UDGXDWHGOLQH
‡ 1XPHUDOFDUGV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3'UDZDORQJOLQHRQWKHÁRRUSHUKDSVXVLQJFKDONRUPDVNLQJWDSHDQGJUDGXDWH
WKHOLQHZLWKPDUNVHTXDOO\VSDFHGDERXWFPRURQHIRRWDSDUW+DYHUHDG\WKHQXPHUDOFDUGVWRWKH
QXPEHURIVWXGHQWVLQWKHFODVV
'LVWULEXWHRQHQXPHUDOFDUGWRHDFKVWXGHQW$VNWKHVWXGHQWVZLWKQXPEHUVDQGWRVWDQG7KHQ
SODFHWKHPDWWKHPDUNVRQWKHOLQHRQWKHÁRRU
7
,SRVLWLRQHGDQGRQWKLVQXPEHUOLQH
$VNWKHVWXGHQWZLWKWRVWDQG
7
:KHUHVKRXOGZHORFDWH"
/HWWKHFODVVWHOOWKHVWXGHQWZLWKZKHUHWRVWDQGRQWKHQXPEHUOLQH
3RLQWWRWKHPDUNIRUDQGDVN
7
:KDWQXPEHUJRHVKHUH"
:KHQWKHFODVVDJUHHVWKDWJRHVWKHUHLQYLWHWKHVWXGHQWZLWKWRVWDQGRQWKHPDUN&RQWLQXHWKLV
DFWLYLW\XQWLOPDQ\QXPEHUVKDYHEHHQORFDWHG$OWHUQDWHDVNLQJWKHFODVVWRLGHQWLI\ZKLFKQXPEHU
WRSODFHDWDVSHFLÀFPDUNZLWKORFDWLQJWKHPDUNIRUDVSHFLÀFQXPEHU
3RLQWWRWKHODVWPDUNRQ\RXUOLQH
7
:KDWQXPEHUJRHVKHUH"
,QYLWHVWXGHQWVWRÀJXUHRXWZKLFKQXPEHU)RUH[DPSOHVRPHRQHPLJKWVXJJHVWVWDUWLQJDWWKH
PDUNRIWKHJUHDWHVWQXPEHUORFDWHGVRIDUDQGFRXQWLQJRQIURPWKHUHWRWKHODVWPDUN$IWHU\RX
GHWHUPLQHZKDWWKHODVWPDUNLVLQYLWHWKHVWXGHQWZLWKWKDWQXPHUDOFDUGIRUWKLVH[DPSOHWR
VWDQGRQWKHPDUNDQGWKHQSRLQWWRWKHQH[WWRODVWPDUN
7
:KDWQXPEHUJRHVKHUH"+RZGR\RXNQRZ"
-&+**
D2/
/HWDOOWKHVWXGHQWVZLWKQXPEHUVOHVVWKDQÀQGWKHLUSODFHVRQWKHQXPEHUOLQH$VNVWXGHQWVKRZ
WRORFDWHDPDUNIRUDQXPEHUJUHDWHUWKDQ
:]]bmbhgZeIkZ\mb\^3<RXPD\OLNHWRPDNHQXPEHUOLQHVIRUVWXGHQWVWRODEHO%ODFNOLQH.LV
DYDLODEOHIRUWKLVSXUSRVH*LYHVWXGHQWVGLIIHUHQWQXPEHUVWRVWDUWZLWKRQWKHVHQXPEHUOLQHV
-&+*+
D20
D20LHEB=L*
<Zilne^E^llhgLnffZkr
'HVFULEHVRPHJHRPHWULFVROLGVDQGH[SORUHVRPHRIWKHLUVLPLODULWLHVDQGGLIIHUHQFHV
,QYHVWLJDWHVRPHSURSHUWLHVRIWKHVROLGV
FZm^kbZel
M^Z\a^k
‡ *HRPHWULFVROLGV
Lmn]^gm
‡ *HRPHWULFVROLGV
:]oZg\^Ik^iZkZmbhg3&ROOHFWLRQVRIZRRGHQRUSODVWLFJHRPHWULFVROLGVDUHLGHDO,IWKHVHDUHQRW
DYDLODEOHFROOHFWVRPHIURPHGXFDWLRQDOWR\VDQGJDPHVRUIURPKRPH%R[HVFDUGERDUGWXEHVEDOOV
DQGVRRQZRUNZHOO7U\WRKDYHPRVWRIWKHIROORZLQJ
6SKHUH
&\OLQGHU
&XEH
&RQH
5HFWDQJODU
3ULVP
3\UDPLG
>q^k\bl^*3?k^^IeZr
,I\RXKDYHVHYHUDOFROOHFWLRQVRIJHRPHWULFVROLGVDUUDQJHWKHFODVVLQWRVPDOOJURXSVHDFKZLWKD
FROOHFWLRQ$OORZWLPHIRUIUHHH[SORUDWLRQ<RXPD\DOVRPDNHJHRPHWULFVROLGVDYDLODEOHLQIUHH
H[SORUDWLRQFHQWHUVSULRUWRWKLVOHVVRQ
>q^k\bl^+
%ULQJWKHFODVVWRJHWKHULQDODUJHFLUFOHZLWKWKHVROLGVODLGRXWLQWKHPLGGOH%HJLQDGLVFXVVLRQ
E\DVNLQJVWXGHQWVWRGHVFULEHVRPHRIWKHVROLGV(QFRXUDJHVWXGHQWVWRJLYHQDPHVWRWKHPDQG
WRUHFDOOWKLQJVWKH\NQRZWKDWORRNOLNHWKHVROLGV'RQRWZRUU\DERXWXVLQJWHFKQLFDORU´DGXOWµ
QDPHVIRUWKHVROLGVDOWKRXJKVRPHVWXGHQWVPD\ZDQWWRKHDUWKHLUPDWKHPDWLFDOQDPHV5HIHU
WRWKHPDVVROLGVQRWDVVKDSHVDQGWDONDERXWWKHVLGHVDVIDFHVWKDWDUHDSDUWLFXODUVKDSH)RU
H[DPSOHWKHIDFHVRIDFXEHDUHVTXDUHV
7
$UHWKHUHWZRVROLGVWKDWORRNDOLNHRUKDYHVRPHWKLQJLQFRPPRQ"
/HWVWXGHQWYROXQWHHUVSLFNXSWZRVROLGVDQGH[SODLQKRZWKH\DUHVLPLODU%HÁH[LEOH7KHIHDWXUHV
E\ZKLFK\RXFRPSDUHWZRVROLGVPLJKWQRWVHHPVLJQLÀFDQWDWDOOWR\RXUVWXGHQWVDQGYLFHYHUVD
6RPHH[DPSOHVRIVLPLODULWLHVLQFOXGHWKHIROORZLQJ
‡ $FXEHDQGDUHFWDQJXODUSULVPDUHERWKOLNHER[HV
‡ $VSKHUHDQGDF\OLQGHUERWKUROO
‡ $F\OLQGHUDQGDFRQHDUHDOLNHEHFDXVH\RXFDQ´VHHFLUFOHVLQWKHPµ
‡ $FRQHDQGDS\UDPLGERWKKDYHDSRLQW
-&+*,
D20
>q^k\bl^,!himbhgZe"
$JDLQLI\RXKDYHVHYHUDOFROOHFWLRQVRIJHRPHWULFVROLGVRUJDQL]HWKHFODVVLQWRVPDOOJURXSVHDFK
ZLWKDFROOHFWLRQ
6XJJHVWWKHJURXSVWU\WRDQVZHUVRPHRIWKHVHTXHVWLRQV
‡ :KDWFRXOG\RXPDNHZLWKVRPHRIWKHVHVROLGV"
‡ :KLFKVROLGVFDQ\RXUROO"«VWDFN"«VOLGH"
‡ :KLFKVROLGVKDYHDÁDWVLGH"«ORRNWKHVDPHIURPDOOGLUHFWLRQV"
‡ :KDWWKLQJVLQWKHURRPORRNOLNHRQHRIWKHVHVROLGV"
<RXPLJKWGRWKLVE\DVNLQJDOOWKHJURXSVWRZRUNRQWKHÀUVWTXHVWLRQ7KHQDV\RXFLUFXODWHSRVH
VRPHRIWKHRWKHUTXHVWLRQVIRUGLIIHUHQWJURXSVWRLQYHVWLJDWH
-&+*-
D21
D21LMKBG@L*
<Zilne^E^llhgLnffZkr
6RUWDQGFODVVLI\.$EORFNVXVLQJVWULQJV
FZm^kbZel
M^Z\a^k
‡ /RRN/RRN/RRNE\7DQD
+REDQRUDQRWKHUVKDSHERRN
IURPWKHOLWHUDWXUHOLVW
Lmn]^gm
‡ 7ZRVWULQJORRSVRIGLIIHUHQW
FRORUV
‡ .$EORFNV
5HDG/RRN/RRN/RRNE\7DQD+REDQRUDQRWKHUVKDSHERRNIURPWKHOLWHUDWXUHOLVW
>q^k\bl^*
0RYHVWXGHQWVWKURXJKWKLVDFWLYLW\DWDEULVNSDFH
'LYLGHVWXGHQWVLQWRJURXSVRIWKUHHRUIRXUDQGJLYHHDFKVWXGHQWDVHWRI.$EORFNV/HWWKHPSOD\
IUHHO\ZLWKWKHSLHFHVIRUDIHZPLQXWHVZKLOH\RXJLYHRQHVWULQJORRSWRHDFKJURXS:KHQDOOWKH
JURXSVDUHUHDG\DVNWKHPWROD\RXWWKHVWULQJORRSRQWKHWDEOHVRHYHU\RQHFDQUHDFKLW$IWHUWKLV
DQGHDFKRIWKHIROORZLQJDFWLYLWLHVTXLFNO\FKHFNWKHJURXSV·ZRUNWKHQLQVWUXFWWKHPWRWDNHDOO
WKHSLHFHVRXWRIWKHVWULQJ
7
3XWDOOWKHJUHHQSLHFHVLQVLGHWKHVWULQJ
&RQWLQXHJLYLQJWKHIROORZLQJGLUHFWLRQVRQHDWDWLPH
‡ 3XWDOOWKHWULDQJOHVLQVLGHWKHVWULQJ
‡ 3XWDOOWKHZKLWHSLHFHVLQVLGHWKHVWULQJ7KHVWULQJVKRXOGUHPDLQHPSW\
‡ 3XWDOOWKHSLHFHVVPDOOHUWKDQ\RXUKDQGLQVLGHWKHVWULQJ+HUHHDFKJURXSVKRXOGSODFH
DOORILWV.$EORFNVLQWKHVWULQJ
>q^k\bl^+
Ghm^3'RQRWJLYHDZD\WKHVHFUHWRIRYHUODSSLQJWKHVWULQJV,IQRRQHWKLQNVRILWGXULQJWKH
OHVVRQMXVWOHDYHWKHSUREOHPRSHQ/DWHUWKHUHZLOOEHDQRWKHUOHVVRQRSSRUWXQLW\WRH[SORUHWKHVH
LGHDV
7KLVDFWLYLW\ZLOODOPRVWFHUWDLQO\UHTXLUHDJRRGGHDOPRUHWKLQNLQJWKDQWKHSUHFHHGLQJRQH6WDUW
E\JLYLQJHDFKJURXSDVHFRQGVWULQJORRS6XSSRVHWKHVWULQJVDUH\HOORZDQGEOXH
7
7KLVWLPHZHDUHJRLQJWRXVHWZRVWULQJV:KDWFRORUVWULQJVGR\RXKDYH"
6
%OXHDQG\HOORZ
7
)LQH,QVLGHWKHEOXHVWULQJSXWDOOWKHEOXHSLHFHV,QVLGHWKH\HOORZVWULQJSXWDOOWKH
FLUFOHV
<RXPD\ZDQWWRDVNRQHRUWZRVWXGHQWVWRUHSHDWWKHVHLQVWUXFWLRQVWRPDNHVXUHWKDWHYHU\RQH
KHDUGWKHP
-&+*.
D21
,WLVXQOLNHO\WKDW\RXUVWXGHQWVZLOOVROYHWKHSUREOHPRQWKHLUÀUVWDWWHPSW0RVWOLNHO\WKHVWULQJV
ZLOOQRWEHRYHUODSSHGUHVXOWLQJLQRQHRIWKHIROORZLQJVLWXDWLRQV‚
,QWKHÀUVWVLWXDWLRQSRLQWWRDEOXHFLUFOHDQGVD\
7
,VQ·WWKLVDFLUFOH"7KHRWKHUVWULQJLVIRUFLUFOHV
:KHQWKHVWXGHQWVPRYHWKHEOXHFLUFOHVWRWKHRWKHUVWULQJDVN
7
%XWZKDWLVWKHEOXHVWULQJIRU"%OXHSLHFHV
$UHDOOWKHEOXHSLHFHVLQVLGHWKHEOXHVWULQJ"1R
,QWKHVHFRQGVLWXDWLRQSRLQWWRDEOXHFLUFOHDQGVD\
7
,VQ·WWKLVEOXH"7KHEOXHVWULQJLVIRUEOXHSLHFHV
:KHQWKHVWUXGHQWVPRYHWKHEOXHFLUFOHVWRWKHEOXHVWULQJDVN
7
%XWZKDWLVWKHRWKHUVWULQJIRU"&LUFOHV
$UHDOOWKHFLUFOHVLQVLGHWKDWVWULQJ"1R
:DONDURXQGWKHURRPPDNLQJVLPLODUFRPPHQWVWRHDFKJURXS6RPHVWXGHQWVPD\VXJJHVWSXWWLQJ
VRPHRIWKHEOXHFLUFOHVLQRQHVWULQJDQGVRPHLQWKHRWKHU3RLQWRXWWKDWDOOWKHFLUFOHVQRWMXVW
VRPHPXVWEHLQVLGHWKHVWULQJIRUFLUFOHVDQGDOOWKHEOXHSLHFHVPXVWEHLQVLGHWKHVWULQJIRUEOXH
SLHFHV
6RPHJURXSVPD\VXJJHVWSXVKLQJWKHVWULQJVYHU\FORVHWRJHWKHUDQGSXWWLQJWKHEOXHFLUFOHVRQWKH
VWULQJVXFKDVWKLV
5HPLQGWKHVWXGHQWVWKDWWKHEOXHFLUFOHVPXVWEHLQVLGHQRWRQERWKWKHVWULQJIRUEOXHSLHFHV
DQGWKHVWULQJIRUFLUFOHV%HSDWLHQWGRQRWUHYHDOWKHVHFUHW(YHQWXDOO\VRPHRQHPD\VXJJHVW
RYHUODSSLQJWKHWZRVWULQJV«
«ZKLFKZLOODOORZWKHEOXHFLUFOHVWREHSXWLQVLGHERWKVWULQJV,IQRRQHPDNHVWKLVGLVFRYHU\
OHDYHWKHSUREOHPRSHQIRUWKHWLPHEHLQJ
‚
,QWKLVDQGWKHRWKHUSLFWXUHVLQWKLVOHVVRQQRWDOOWKH.$EORFNVDUHVKRZQ
-&+*/
D22
D22FHGD>RL:G=;:G:G:L
<Zilne^E^llhgLnffZkr
7HOODVWRU\DERXWPRQNH\VDQGEDQDQDVXVLQJGRWVVWULQJVDQGDUURZV$VNTXHVWLRQV
DERXWWKHUHODWLRQEHWZHHQPRQNH\VDQGEDQDQDV
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
6WDUWWKHOHVVRQE\GLVFXVVLQJPRQNH\VDQGZKDWWKH\HDW<RXPD\OLNHWRSXWWKLVLQWKHFRQWH[WRI
YLVLWLQJWKH]RR7KHQGUDZDFRORUHGVWULQJZLWKIRXUELJGRWVLQVLGH
7
7KHVHGRWVDUHIRUPRQNH\V+RZPDQ\PRQNH\V"
6
)RXU
$VNVWXGHQWVWRVKRZZLWKWKHLUÀQJHUVDQGWR
ORFDWHRQWKHLUGHVNWRSQXPEHUOLQHV
7
7KHVHPRQNH\VDUHYHU\KXQJU\:KDWGR
\RXWKLQNWKH\ZRXOGOLNHWRHDW"
6
%DQDQDV
7
<HV+HUHDUHVRPHEDQDQDV
'UDZDQRWKHUFRORUHGVWULQJZLWKHOHYHQGRWVLQVLGH
7
+RZPDQ\EDQDQDV"
6
(OHYHQ
$VNVWXGHQWVWRORFDWHRQWKHLUGHVNWRSQXPEHUOLQHV
7
7KHVHPRQNH\VGRQRWKDYHYHU\QLFH
PDQQHUV7KH\JUDEDVPDQ\EDQDQDVDV
WKH\FDQ
'UDZRQHDUURZDV\RXVD\
7
7KLVPRQNH\JUDEVWKLVEDQDQD
&DOORQVWXGHQWVWRSRLQWÀUVWWRWKHPRQNH\DQG
WKHQWRWKHEDQDQD
-&+*0
D22
$VN\RXUVWXGHQWVWRFORVHWKHLUH\HVZKLOH\RX
FRPSOHWHWKHSLFWXUH:KHQÀQLVKHGVD\
7
2SHQ\RXUH\HV:KDWGR\RXWKLQN"
/HWVWXGHQWVPDNHVRPHREVHUYDWLRQVDERXW
WKHSLFWXUH<RXPD\DOVROLNHWRSRVHVRPH
TXHVWLRQVDQGDVNWKHVWXGHQWVWRPDNHVWLOORWKHU
REVHUYDWLRQV)RUH[DPSOH
7SRLQWLQJWRDPRQNH\GRW+RZPDQ\EDQDQDVGLGWKLVPRQNH\JUDE"
«SRLQWLQJWRDEDQDQDGRW:KLFKPRQNH\WRRNWKLVEDQDQD"
3RLQWWRWKHPRQNH\ZKRJUDEEHGWKHPRVWEDQDQDV
3RLQWWRWKHPRQNH\ZKRJUDEEHGWKUHHEDQDQDV
'LGWZRPRQNH\VJUDEWKHVDPHQXPEHURIEDQDQDV"
6XJJHVWVWXGHQWVUHFRUGD´PRQNH\DQGEDQDQDµVWRU\RIWKHLURZQLQWKHLUPDWKMRXUQDOV6WXGHQWV
FDQGUDZSLFWXUHVRIPRQNH\VDQGEDQDQDVRUXVHGRWVVWULQJVDQGDUURZV
-&+*1
D*))
D*)):=CNLMF>GM(:LL>LLF>GM=:R
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHQXPEHUVLQWKHOHVVRQ,I\RXIHHOVWXGHQWVQHHGPRUHH[SHULHQFHLQFRLQUHFRJQLWLRQUHSHDW
/HVVRQ.7KLVLVDOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI\RXU
FKRLFH
7KHIROORZLQJJDPHDFWLYLWLHVPD\EHDSSURSULDWHIRUZRUNLQJZLWKVWXGHQWVRQQXPEHUVHQVHDQG
REVHUYDWLRQVNLOOV
K^Z]FrFbg]
&KRRVHDQXPEHUDQGRIIHUFOXHVDVVXFKDV
7
,DPWKLQNLQJRIDQXPEHUEHWZHHQDQG
6
7
,DPWKLQNLQJRIDQXPEHUOHVVWKDQDQGPRUHWKDQ
6
7
,DPWKLQNLQJRIDQXPEHUOHVVWKDQ
6
7
0\QXPEHULVDOVROHVVWKDQ
6
7
0\QXPEHULVPRUHWKDQ
6
&KRRVHDQREMHFWLQWKHURRPDQGRIIHUFOXHVVXFKDV
7
,VHHVRPHWKLQJWKDWLVORQJHUWKDQWKLVSHQFLOEXWVKRUWHUWKDQP\ERRN
6
7KHVWDSOHU
6
7KHHUDVHU
7
,DPWKLQNLQJRIVRPHWKLQJLQWKLVURRPWKDWFDQUROO
6
7KDWSLHFHRIFKDON
6
7KHEDOO
7
1RZ,DPWKLQNLQJRIDVWXGHQWZKRLVVLWWLQJFORVHWRWKHZLQGRZLVQRWDER\DQGLV
ZHDULQJVQHDNHUV
6
6XVDQ
Lhf^mabg`:[hnm
&KRRVHDQXPEHUDQGLQYLWHVWXGHQWVWRWHOO\RXVRPHWKLQJDERXWWKHQXPEHU<RXPD\QHHGWRJHWLW
VWDUWHGZLWKRQHVWDWHPHQW
7
:KDWFDQ\RXWHOOPHDERXW"
6
LVOHVVWKDQ
6
LVPRUHWKDQ
6
-&+*2
D*))
6
7KHUHDUHIRXUSHRSOHLQP\IDPLO\
6
LVEHWZHHQDQG
,IPDQ\VWDWHPHQWVDUHDOLNHPDNHDQRWKHUVWDWHPHQW\RXUVHOIWRVXJJHVWRWKHUSRVVLELOLWLHV
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·QXPEHUDZDUHQHVVDQGREVHUYDWLRQVNLOOV
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.2UGHU&KDUWSDSHUPDJD]LQHVVFLVVRUV
.5RERW:DON6PDOOGROOURERW
.7HQ%ODFN'RWV&KHFNHUVFXSV
.0DUFKLQJ%DQG&RXQWHUVVWUDLJKWHGJHV
.2QH:D\5RDGV3RLQWHU
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH....
-&++)
D*)*
D*)*<HNGMBG@:<MBOBMR
<Zilne^E^llhgLnffZkr
$VDFODVVGRVRPHFRXQWLQJH[HUFLVHVFRXQWIRUZDUGEDFNZDUGDQGE\WZRV
FZm^kbZel
M^Z\a^k
‡ 1RQH
Lmn]^gm
‡ 1RQH
6KRUWFRXQWLQJDFWLYLWLHVVXFKDVWKHRQHVLQWKLVOHVVRQFDQEHGRQHZKHQHYHU\RXKDYHDIHZH[WUD
PLQXWHVIRUH[DPSOHZKLOHWKHFODVVZDLWVLQOLQHRUEHIRUHWKHEHOO
2UJDQL]HWKHFODVVLQDFLUFOH
7
/HW·VVHHKRZZHOOWKHFODVVFDQFRXQWEXWZHZRQ·WDOOFRXQWWRJHWKHU7KHÀUVWSHUVRQ,
SRLQWWRZLOOVD\´RQHµWKHVHFRQGZLOOVD\´WZRµ(DFKSHUVRQ,SRLQWWRZLOOVD\WKHQH[W
QXPEHU/HW·VVHHLIZHFDQGRLWZLWKRXWPDNLQJDQ\PLVWDNHV
*RDURXQGWKHFLUFOHSRLQWLQJWRWKHVWXGHQWVLQRUGHUXQWLOHDFKKDVSDUWLFLSDWHG0DNHFRUUHFWLRQV
DVQHFHVVDU\,IWKHUHLVPXFKKHVLWDWLRQRUDUHPDQ\PLVWDNHVWHOOWKHVWXGHQWV\RXWKLQNWKH\FDQGR
EHWWHUDQGEHJLQDJDLQ
5HSHDWWKHDERYHFRXQWLQJDFWLYLW\DQGWHOOWKHVWXGHQWVWKH\PXVWWU\WRUHPHPEHUWKHLUQXPEHU
7
1RZZHDUHJRLQJWRFRXQWEDFNZDUG,ZLOOSRLQWWRHDFKRI\RXLQUHYHUVHRUGHU:KHQLW·V
\RXUWXUQVD\WKHVDPHQXPEHU\RXVDLGEHIRUH
*RLQUHYHUVHRUGHUDURXQGWKHFLUFOHVWDUWLQJZLWKWKHODVWSHUVRQDQGDVNLQJWKHVWXGHQWVWRVD\WKHLU
VDPHQXPEHUV7KLVVKRXOGJHQHUDWHFRXQWLQJEDFNZDUGWRRQH
7
:HDUHSUHWW\JRRGDWFRXQWLQJIRUZDUGDQGEDFNZDUG/HW·VWU\VRPHWKLQJGLIIHUHQW
$UUDQJHWKHFLUFOHVRWKDWHYHU\RWKHUSHUVRQLVVWDQGLQJDQGHYHU\RWKHUSHUVRQLVVLWWLQJ$JDLQJR
DURXQGWKHFLUFOHFRXQWLQJE\RQHVDQGDVNVWXGHQWVWRUHPHPEHUWKHLUQXPEHUV
7
1RZMXVWWKHSHRSOHVWDQGLQJVLWWLQJZLOOFRXQW6D\WKHVDPHQXPEHU\RXGLGEHIRUH
,QWKLVFRXQWLQJDFWLYLW\WKHVWXGHQWVZLOOVNLSFRXQWVWDUWLQJDWRU<RXFDQH[SHFWVRPHPLVWDNHV
EHFDXVHVWXGHQWVPD\IRUJHWWKHLUQXPEHUV<RXPLJKWVXJJHVWFRXQWLQJDVEHIRUHEXWWKLVWLPHDVN
WKHVWDQGLQJVLWWLQJVWXGHQWVWRVD\WKHLUQXPEHUDORXGZKLOHWKRVHVLWWLQJVWDQGLQJZKLVSHUWKHLU
QXPEHUV
-&++*
D*)*
3ODFHGRWWRGRWSLFWXUHVLQFHQWHUVIRUDGGLWLRQDOFRXQWLQJSUDFWLFH%ODFNOLQHV.D²FDUH
W\SLFDOH[DPSOHVZKLFKVWDUWDWDQGFRXQWE\RQHV%ODFNOLQH.G²IDUHH[DPSOHVZKLFKVWDUW
DWVRPHRWKHUQXPEHUDQGFRXQWE\RQHVFRXQWLQJRQ%ODFNOLQHV.J²LDUHH[DPSOHVZKLFK
VWDUWDWVRPHQXPEHUDQGFRXQWEDFNZDUG
6XJJHVWWKDWSDUHQWVJXDUGLDQVSUDFWLFHFRXQWLQJZLWKWKHLUFKLOG7KH\FDQFRXQWE\RQHVIRUZDUG
DQGEDFNZDUGFRXQWVWDUWLQJDWVRPHQXPEHURWKHUWKDQRQHDQGFRXQWE\WZRV
-&+++
D*)+
D*)+HK=>K+
<Zilne^E^llhgLnffZkr
8VHDVWRU\RUUHDOVLWXDWLRQVWRIXUWKHUGHYHORSFRQFHSWVRIRUGLQDOQXPEHUVDQG
VHTXHQFH
FZm^kbZel
M^Z\a^k
‡ 7KH9HU\+XQJU\&DWHUSLOODUE\
(ULF&DUOH&KLFNHQ6RXSZLWK
5LFHE\0DU\6DUGRQRUDQRWKHU
VHTXHQWLDOERRNVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ &KDUWSDSHU
Lmn]^gm
‡ 0DJD]LQHV
‡ 6FLVVRUV
:]oZg\^Ik^iZkZmbhg33UHSDUHDWDEOHRQWKHFKDUWSDSHUDKHDGRIWLPHZLWKFROXPQVDQGSODFHVIRUWKH
GD\VRIWKHZHHN
>q^k\bl^*
5HDGDORXG7KH9HU\+XQJU\&DWHUSLOODUE\(ULF&DUOH&KLFNHQ6RXSZLWK5LFHE\0DU\6DUGRQRU
DQRWKHUVHTXHQWLDOERRNVHOHFWLRQ
Ghm^3<RXPD\FKRRVHWRXVH\RXUOLWHUDWXUHVHOHFWLRQDQGWKHDFWLRQVRUHYHQWVIURPWKHERRNIRU
([HUFLVHUDWKHUWKDQWKHH[DPSOHVWRU\SUHVHQWHGKHUH
>q^k\bl^+
7
6RPHRIP\IRUPHUVWXGHQWVJRWRDVFKRROWKDWLVWDNLQJDEUHDNQH[WZHHN0\JRRG
IULHQG7RQLDLVWU\LQJWRGHFLGHZKDWWRGRGXULQJKHUZHHNRII/HW·VKHOSKHUVFKHGXOH
VRPHIXQWKLQJVWRGRGXULQJWKHEUHDN
7
+RZPDQ\GD\VDUHWKHUHLQDZHHN":KDWDUHWKH\"
6
6HYHQ
6
6XQGD\0RQGD\«6DWXUGD\
'LVSOD\DSLHFHRIFKDUWSDSHUZLWKOLQHVGUDZQWRVKRZVHYHQDUHDV
7
$FURVVWKHWRSRIWKHFKDUWSDSHU,DPJRLQJWRZULWHWKHGD\VRIWKHZHHNDQGWKHRUGHU
WKH\FRPHLQ:KDWGD\RIWKHZHHNLVÀUVW"
6
6XQGD\
:ULWH´6XQGD\µDWWKHWRSRIWKHÀUVWFROXPQ
´0RQGD\µDWWKHWRSRIWKHVHFRQGFROXPQ
DQGVRRQIRUWKHUHPDLQLQJGD\VRIWKHZHHN
<RXUÀQLVKHGFKDUWPLJKWORRNOLNHWKLV
-&++,
7
:KDWDUHVRPHRIWKHIXQWKLQJV7RQLDFRXOGGRZKLOHRQEUHDN"
D*)+
$VVWXGHQWVJLYHVXJJHVWLRQVPDNHDOLVWRQWKHERDUG
6
5LGHKHUELNH
6
*RVZLPPLQJ
6
3OD\EDOO
6
5ROOHUEODGH
6
3OD\JDPHV
,WLVSRVVLEOH\RXZLOOKDYHTXLWHDOLVWDVVHPEOHGRQFHHYHU\RQHKDVDGGHGWKHLUIDYRULWHWKLQJWRGR
7
1RZWKDWZHNQRZDORWRIIXQWKLQJV7RQLDFRXOGGROHW·VKHOSKHUGHFLGHLQZKDWRUGHUWR
GRWKHP5HPHPEHU7RQLDLVSODQQLQJDZKROHZHHNDQGZDQWVVRPHWKLQJWRGRHYHU\GD\
:KDWPLJKWVKHGRRQ6XQGD\WKHÀUVWGD\"
$OLYHO\GLVFXVVLRQZLOOSUREDEO\IROORZVLQFHPDQ\VWXGHQWVZLOOZDQWWKHLUIXQDFWLYLW\WREHÀUVW
+HOS\RXUVWXGHQWVQDUURZGRZQRQHRUWZRDFWLYLWLHVIRUWKHÀUVWGD\:ULWHWKHVHDFWLYLWLHVLQWKH
DSSURSULDWHVSDFHRIWKHÀUVWFROXPQ&RQWLQXHWKLVSURFHVVWKURXJKWKHRWKHUGD\VRIWKHZHHN
PDNLQJVXUHDOOVXJJHVWHGIXQDFWLYLWLHVDUHSODFHGRQWKHFKDUWRQRQHRIWKHGD\V
'LYLGHWKHFODVVLQWRVHYHQJURXSVDQGDVVLJQHDFKJURXSRQHGD\RIWKHZHHN3URYLGHPDJD]LQHV
DQGVFLVVRUVWRHDFKJURXS,QVWUXFWVWXGHQWVWRÀQGDQGFXWRXWDSLFWXUHZKLFKKHOSVWRVKRZWKHIXQ
DFWLYLW\IRUWKDWGD\
:KHQWKHJURXSVDUHUHDG\OHWWKHPJOXHRUWDSHWKHLUSLFWXUHVRQWKHFKDUWSDSHU:KLOHWKH\DUH
GRLQJWKLVDVNWKHJURXSWRVD\ZKDWIXQDFWLYLW\WKHSLFWXUHLVIRUIRUH[DPSOHVZLPPLQJELNLQJ
DQGVRRQWKHGD\RIWKHZHHNRQZKLFKLWLVVFKHGXOHGDQGWKHRUGHURIWKDWGD\LQUHODWLRQWRWKH
UHVWRIWKHZHHN
5HYLHZWKHFKDUWZKHQÀQLVKHG
-&++-
D*),
D*),KH;HMP:ED,
<Zilne^E^llhgLnffZkr
)LQGGLIIHUHQWSDWKVDURERWFRXOGWDNHEHWZHHQWZRLQWHUVHFWLRQVRIDJULG&RPSDUHWKH
OHQJWKVRISDWKV
FZm^kbZel
M^Z\a^k
‡ 5RXQG7ULSE\$QQD-RQHV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ 5RERWZDONJULGVKHHW
‡ &RORUHGFKHFNHU
‡ 6PDOOGROOURERW
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDGDORXG5RXQG7ULSE\$QQD-RQHVRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
6HWXSDQGUHPLQGWKHFODVVDERXWWKHURERWZDONVLQ/HVVRQV.DQG.
7
7RGD\LQVWHDGRIJLYLQJGLUHFWLRQVWRWKHURERW,ZRXOGOLNH\RXWRVKRZVRPHSRVVLEOH
ZDONVWKHURERWFRXOGWDNH
3ODFHWKHURERWRQRQHLQWHUVHFWLRQDQGDPDUNHU
FRORUHGFKHFNHURQDVHFRQGLQWHUVHFWLRQDV
VKRZQKHUH
7
6XSSRVHWKHURERWVWDUWVKHUHSRLQWWR
WKHURERWDQGZDONVWRKHUHSRLQWWRWKH
PDUNHU&DQ\RXVKRZRQHZD\IRUWKH
URERWWRJR"
2OBOT
$OORZVHYHUDOGLIIHUHQWVWXGHQWVWRWUDFHSRVVLEOHZDONVSDWKVIRUWKHURERW<RXFDQGUDZWKH
FRUUHFWSDWKVZLWKFRORUHGPDUNHUV
,IVRPHRQHVXJJHVWVDSDWKOLNHWKHRQHLOOXVWUDWHG
KHUHUHPLQGWKHPWKDWWKHURERWWDNHVVLQJOHVWHSV
IURPRQHLQWHUVHFWLRQWRWKHQH[WLQWHUVHFWLRQ6R
WKHURERWPXVWJRDORQJWKHOLQHVRIWKHJULG
2OBOT
-&++.
D*),
6LQFHWKHUHDUHPDQ\ZD\VIRUWKHURERWWRJRHQFRXUDJHVWXGHQWVWRÀQGDYDULHW\RISDWKVE\
DVNLQJ
7
'R\RXWKLQNWKHURERWFRXOGWDNHDGLIIHUHQWSDWK"
&RXOGWKHURERW·VZDONEHYHU\ORQJ"
&RXOGWKHURERW·VZDONJRKHUHLQGLFDWHDQLQWHUVHFWLRQLQWKHXSSHUOHIWSDUWRIWKHJULGRQ
WKHZD\WRWKHPDUNHU"
$IWHUDZKLOH\RXUJULGPLJKWORRNOLNHWKLV
7
:KLFKRIWKHVHSDWKVLVWKHVKRUWHVW"
:KLFKRIWKHVHSDWKVLVWKHORQJHVW"
2OBOT
/HWWKHFODVVGLVFXVVKRZWRFRPSDUHWKHOHQJWKVRIGLIIHUHQWSDWKV3HUKDSVVRPHRQHZLOOVXJJHVW
FRXQWLQJWKHQXPEHURIVWHSVWKHURERWWDNHV/HWVWXGHQWVXVHWKHURERWWRIROORZHDFKSDWKDQG
FRXQWWKHQXPEHURIVWHSV,QWKHDERYHSLFWXUHWKUHHGLIIHUHQWSDWKVDUHVKRUWHVWEOXH\HOORZDQG
JUHHQDUHHDFKVWHSVDQGWKHUHGSDWKLVWKHORQJHVWVWHSV
-&++/
D*)-
D*)-M>G;E:<D=HML
<Zilne^E^llhgLnffZkr
&RYHUDQDUUD\RIGRWVLQYDULRXVZD\VWRH[SORUHGLIIHUHQWUHSUHVHQWDWLRQVRIDQXPEHU
DQGHQFRXUDJHFRXQWLQJVWUDWHJLHV
FZm^kbZel
M^Z\a^k
‡ 7HQ%ODFN'RWVE\'RQDOG&UHZV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ 6KHHWRISDSHU
‡ 0DJQHWLFFKHFNHUVRSWLRQDO
Lmn]^gm
‡ &KHFNHUV
‡ &XS
5HDG7HQ%ODFN'RWVE\'RQDOG&UHZVRUDQRWKHUVHOHFWLRQ
IURPWKHOLWHUDWXUHOLVW'UDZWKLVDUUD\RIGRWVRQWKHERDUG
,I\RXSUHIHUXVHPDJQHWLFFKHFNHUVRQDPDJQHWLFERDUGRU
RWKHUFRXQWHUVRQWKHRYHUKHDG$OOWKHGRWVFKHFNHUVVKRXOG
EHFOHDUO\YLVLEOHEXW\RXPXVWEHDEOHWRFRYHUVHYHUDODWRQFH
ZLWKDVKHHWRISDSHU
7
+RZPDQ\GRWVDUHWKHUH"
6
7HQ
,QYLWHDVWXGHQWWRZULWHRQWKHERDUGZKLOHWKHRWKHUVORFDWHRQWKHLUGHVNWRSQXPEHUOLQHV
7KHQDVNWKHVWXGHQWVWRFORVHWKHLUH\HV+LGHVRPHRIWKHGRWVZLWKDSLHFHRISDSHUDQGWKHQDVN
WKHVWXGHQWVWRRSHQWKHLUH\HVDJDLQ
7
+RZPDQ\GRWVFDQ\RXVHH"6HYHQ
+RZPDQ\GRWVDUHKLGGHQ"7KUHH
/HWVWXGHQWVH[SODLQKRZWKH\NQRZWKUHHGRWVDUHKLGGHQ
$FFHSWGLIIHUHQWPHWKRGVDQGWU\WRLQFOXGHFRXQWLQJRQ<RX
PD\DOVROLNHWRZULWHQXPEHUIDFWVVXFKDV DQG
² WRGHVFULEHWKHVLWXDWLRQ
5HSHDWWKLVDFWLYLW\VHYHUDOWLPHVDWDEULVNSDFH8VHWKHIROORZLQJH[DPSOHVRURWKHUVLPLODU
H[DPSOHV
-&++0
D*)OZkbZmbhg3$UUDQJHWKHFKHFNHUVVRWKDWWKH\GRQRWIRUPDV\PPHWULFSDWWHUQRUXVHDGLIIHUHQW
QXPEHURIFKHFNHUV
2UJDQL]HWKHVWXGHQWVLQJURXSVRIWKUHHWRVL[3URYLGHHDFKVWXGHQWZLWKWHQFKHFNHUVDQGDFXS
,QVWUXFWWKHJURXSVDVIROORZV(DFKVWXGHQWKLGHVVRPHRIWKHLUWHQFKHFNHUVXQGHUWKHFXSDQGSXWV
WKHGLVSOD\ZLWKVRPHFKHFNHUVYLVLEOHDQGVRPHKLGGHQXQGHUWKHFXSLQIURQWRIWKHP7DNLQJ
WXUQVWKHRWKHUJURXSPHPEHUVWU\WRJXHVVKRZPDQ\FKHFNHUVDUHKLGGHQ$IWHUJXHVVLQJWKH\
FRQÀUPWKHLUJXHVVIRUH[DPSOHWKUHHFKHFNHUVQRWKLGGHQDQGVHYHQFKHFNHUVKLGGHQOLIWWKH
FXSWRFKHFNLVWHQFKHFNHUV
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·FRXQWLQJDELOLWLHV
-&++1
D*).M>EEBG@LMHKB>L?HK:G:KKHPIB<MNK>
*
D*).
<Zilne^E^llhgLnffZkr
7HOOVWRULHVWKDWFRXOGEHWKHLQWHUSUHWDWLRQRIDSLFWXUHZLWKGRWVVWULQJVDQGDUURZV
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
'UDZWKLVSLFWXUHRQWKHFKDONERDUG
7
8VXDOO\,WHOO\RXDVWRU\WRJRZLWKRXUSLFWXUH7RGD\LWLV\RXUWXUQWRPDNHXSWKHVWRU\
7U\WRWKLQNRIDVWRU\WRJRZLWKWKLVSLFWXUH
<RXPD\QHHGWRKHOSWKHVWXGHQWVDVWKH\WHOOWKHLUVWRULHVWRHQVXUHWKDWWKH\DUHH[SOLFLWDERXWWKH
IROORZLQJSRLQWV
7
:KDWDUHWKHGRWVLQVLGHWKH\HOORZVWULQJIRU"
:KDWDUHWKHGRWVLQVLGHWKHEOXHVWULQJIRU"
:KDWDUHWKHDUURZVIRU"7KHDUURZVVKRXOGDOOKDYHWKHVDPHPHDQLQJZLWKLQDVWRU\
+HUHLVDVDPSOHGLDORJXH
6
0\VWRU\LVDERXWGRJV
7
:KHUHDUHWKHGRJVLQWKHSLFWXUH"
6
,QVLGHWKH\HOORZVWULQJ
7
:KDWDUHWKHGRJVGRLQJ"
6
+LGLQJERQHV
7
:KHUHDUHWKHERQHV"
6
,QWKHEOXHVWULQJ
7
$QGZKDWDUHWKHDUURZVWHOOLQJXV"
6WUDFLQJRQHRIWKHDUURZV7KLVGRJKLGHVWKLVERQH
-&++2
D*).
$VNWKHFODVVVRPHTXHVWLRQVDERXWWKHVWRU\)RUH[DPSOH
7
+RZPDQ\GRJVDUHWKHUH")RXU
+RZPDQ\ERQHVDUHWKHUH"6L[
:KLFKGRJKLGHVWKHPRVWERQHV"
'LGHYHU\GRJKLGHDERQH":KDWDERXWWKLVGRJSRLQWWRWKHGRWZLWKRXWDQDUURZ"
3RLQWWRWKHGRJWKDWKLGHVWZRERQHV
$VNIRURWKHULQWHUSUHWDWLRQVRIWKHSLFWXUH,IVWXGHQWVEHJLQWRVXJJHVWRQO\YDULDWLRQVRIWKHÀUVW
VWRU\DVNZKRKDVDVWRU\WKDWLVQRWDERXWGRJV6RPHVWRULHVPD\QHHGDOWHULQJEHIRUHWKH\ÀWWKH
SLFWXUH)RUH[DPSOHVXSSRVHWKHIROORZLQJVWRU\LVVXJJHVWHG
,QVLGHWKH\HOORZVWULQJ
,QVLGHWKHEOXHVWULQJ
0HDQLQJRIWKHDUURZV
&KLOGUHQ
0RWKHUV
´<RXDUHP\PRWKHUµ
/HWWKHVWXGHQWVGLVFXVVWKHVWRU\JXLGLQJWKHPWRGLVFRYHUWKDWLQWKLVVWRU\VRPHFKLOGUHQVHHPWR
KDYHPRUHWKDQRQHPRWKHU³DQLPSRVVLELOLW\7KHFODVVPD\HYHQWXDOO\VXJJHVWWKDWPRWKHUVFRXOG
EHLQVLGHWKH\HOORZVWULQJDQGFKLOGUHQFRXOGEHLQVLGHWKHEOXHVWULQJ7KHDUURZVFRXOGWKHQPHDQ
´\RXDUHP\FKLOGµ
,I\RXFDQQRWVHHDZD\WRPRGLI\DVWRU\VRWKDWLWÀWVWKHSLFWXUHVD\
7
7KDW·VDYHU\QLFHVWRU\EXWLWGRHVQRWVHHPWRÀWRXUSLFWXUH
<RXPD\ZDQWWRGUDZDVHFRQGSLFWXUHZKLFKLOOXVWUDWHVWKHVWXGHQW·VVWRU\LIWKLVLVSRVVLEOH
6WXGHQWVFDQGUDZWKHLURZQSLFWXUHVDQGWHOOVWRULHVWRJRDORQJ
6HQGDQDUURZSLFWXUHKRPHZLWKVWXGHQWVDQGVXJJHVWIDPLO\PHPEHUVPDNHXSVWRULHVWRÀW7KH
VWXGHQWFDQFKHFNWRVHHWKDWDVWRU\ÀWV$VDPSOHOHWWHUDQGDUURZSLFWXUHLVSURYLGHGRQ%ODFNOLQH
.
-&+,)
D*)/
D*)/F:K<ABG@;:G=
<Zilne^E^llhgLnffZkr
8VHFRXQWHUVWRYLVXDOL]HDPDUFKLQJEDQG·VIRUPDWLRQDQGGLIIHUHQWZD\VRIPDNLQJ
WZHOYH
FZm^kbZel
M^Z\a^k
‡ 3DUDGHE\'RQDOG&UHZV
‡ 6WUDLJKWHGJH
Lmn]^gm
‡ &RXQWHUV
‡ 6WUDLJKWHGJH
>q^k\bl^*
5HDG3DUDGHE\'RQDOG&UHZVDORXGWRWKHFODVV$IWHU\RXÀQLVKUHDGLQJWKHERRNRQFHJREDFN
WRWKHSDJHVZKHUHWKHPDUFKLQJEDQGFRPHVLQ'LUHFWVWXGHQWVWRORRNFORVHO\DWWKHIRUPDWLRQRI
WKHEDQG
7
7KHUHDUHGLIIHUHQWIRUPDWLRQVDPDUFKLQJEDQGFDQPDNH/HW·VPDNHDPDUFKLQJEDQG
DQGGHFLGHDERXWVRPHIRUPDWLRQVIRURXUEDQG$V,VHOHFW\RXWREHDEDQGPHPEHUFRPH
WRWKHIURQWRIWKHURRP
6HOHFWWZHOYHVWXGHQWVIRUWKHEDQGDQGOLQHWKHPXSLQWKUHHURZVRIIRXUVWXGHQWV
7KHQGUDZDQDUUD\RIGRWVRQWKHERDUGWR
UHSUHVHQWWKHVWXGHQWV
7
7KHVHGRWVDUHRXUVWXGHQWVSUHWHQGLQJWKH\DUH
LQWKHPDUFKLQJEDQG
+RZPDQ\DUHWKHUH"
7
:KDWVRUWRIDUUDQJHPHQWDUHWKH\LQ"
6
,QWKUHHURZV
7
+RZPDQ\EDQGPHPEHUVDUHLQHDFKURZ"
6
)RXU
$VNWKHVWXGHQWVLQRQHURZWRUDLVHWKHLUKDQGVZKLOH\RXXVH
DVWUDLJKWHGJHWRLQGLFDWHWKHURZLQWKHDUUD\RIGRWVRQWKH
ERDUG'RWKLVIRUHDFKURZ
<RXPD\OLNHWRZULWHDQXPEHUIDFWWRGHVFULEHWKHIRUPDWLRQ
C;C
C;C
CC
-&+,*
D*)/
$VNWKHVWXGHQWVWRUHWXUQWRWKHLUVHDWV7KHQGLVWULEXWHFRXQWHUVDQGDVWUDLJKWHGJHWRSDLUVRI
VWXGHQWV
7
0DNH\RXUFRXQWHUVORRNOLNHWKHGRWVRQWKHERDUG
,VWKHUHDQRWKHUZD\RIORRNLQJDWWKLVIRUPDWLRQ"
6
)RXUURZVRIWKUHH
'HPRQVWUDWHWKLVDVLQWKHÀUVWFDVH
7
'RHVDQ\RQHVHHDQRWKHUZD\RIORRNLQJDWWKHVH
EDQGPHPEHUV"
6RPHRQHPLJKWREVHUYHGLDJRQDOURZVRU\RXPLJKWOLNH
WRVKRZWKHPWRWKHFODVV\RXUVHOI
C;CC;CC;CC;CC;CCC
>q^k\bl^+
,IWKHVWXGHQWVVHHPLQWHUHVWHG\RXFDQUHSHDW([HUFLVHXVLQJ
DGLIIHUHQWIRUPDWLRQIRUWZHOYHEDQGPHPEHUV)RUH[DPSOH
7KLVFRXOGOHDGWRWKHIROORZLQJZD\VRIORRNLQJDWWKHIRUPDWLRQ
C;CC;CC;CCC
-&+,+
C;CC;C
C;CC;CCC
D*)0
D*)0)*)2GNF>K:E<A:KM
<Zilne^E^llhgLnffZkr
8VHWKH²QXPHUDOFKDUWWRSUDFWLFHUHDGLQJQXPEHUVWRGRVRPHFRXQWLQJH[HUFLVHV
DQGWRH[SORUHVRPHQXPEHUSDWWHUQV
FZm^kbZel
M^Z\a^k
‡ ²QXPHUDOFKDUW
‡ %ODFNOLQH.
Lmn]^gm
‡ 3HQFLORUFUD\RQ
‡ ,QGLYLGXDO²QXPHUDOFKDUW
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WRPDNHVWXGHQW²QXPHUDOFKDUWV
Ghm^3'XULQJDQGDIWHUWKLVOHVVRQWKH²QXPHUDOFKDUWVKRXOGEHRQGLVSOD\LQWKHFODVVURRP
<RXPD\ZDQWVWXGHQWVWRKDYH²QXPHUDOFKDUWVDWWKHLUSODFHV
0DQ\H[HUFLVHVDUHSRVVLEOH7U\WRFKRRVHVRPHWKDWDUHFKDOOHQJLQJWR\RXUFODVV&RQWLQXHDVORQJ
DVVWXGHQWLQWHUHVWUHPDLQVKLJK
<RXFDQDVN\RXUVWXGHQWVWRWU\WKHIROORZLQJ
‡ 5HDGDJLYHQFROXPQ:KDWGR\RXQRWLFH"$OOWKHQXPEHUVHQGZLWKWKHVDPHGLJLW
‡ 5HDGDJLYHQURZ:KDWGR\RXQRWLFH"$OOWKHQXPEHUVVWDUWZLWKWKHVDPHGLJLWFRXQWLQJ
E\RQHV
‡ 5HDGDFROXPQIURPERWWRPWRWRS
‡ 5HDGDURZIURPULJKWWROHIWFRXQWEDFNZDUG
‡ 6WDUWDWDQGUHDGHYHU\RWKHUQXPEHUFRXQWE\WZRV
‡ 6WDUWDWDQGUHDGHYHU\RWKHUQXPEHUFRXQWE\WZRV
‡ &RXQWEDFNZDUGVWDUWLQJZLWKYDULRXVQXPEHUV
‡ )LQGDVSHFLÀFQXPEHU
‡ $IWHUOLVWHQLQJWR\RXUHDGWKHÀUVWURZWHOOKRZ\RXDUHFRXQWLQJ%\RQHV
'RWKHVDPHH[HUFLVHZLWKWKHVHFRQGÀIWKDQGODVWURZV
‡ $IWHUOLVWHQLQJWR\RXUHDGWKHODVWFROXPQWHOOKRZ\RXDUHFRXQWLQJ%\WHQV
'RWKHVDPHH[HUFLVHZLWKWKHÀUVWDQGÀIWKFROXPQV
0DNHD²QXPHUDOFKDUWIRUHDFKVWXGHQWWRWDNHKRPH6XJJHVWWRSDUHQWVJXDUGLDQVWKDWWKH\
XVHWKHFKDUWWRSUDFWLFHUHDGLQJQXPEHUVDQGORRNLQJIRUSDWWHUQV)RUH[DPSOH
‡ 5HDGDURZRIQXPEHUV:KDWSDWWHUQVGR\RXQRWLFH"
‡ 5HDGDFROXPQRIQXPEHUV:KDWSDWWHUQVGR\RXQRWLFH"
‡ 5HDGDGLDJRQDORIQXPEHUV:KDWSDWWHUQVGR\RXQRWLFH"
‡ &RYHURQHRUVHYHUDOQXPEHUV*XHVVZKLFKQXPEHUVDUHFRYHUHG
-&+,,
-&+,-
D*)1
D*)1HG>&P:RKH:=L+
<Zilne^E^llhgLnffZkr
)ROORZDUURZVRQDRQHZD\URDGPDSDQGWDNHVRPHZDONV([SORUHGLIIHUHQWZD\VWRJR
IURPRQHSODFHWRDQRWKHUIROORZLQJDUURZV
FZm^kbZel
M^Z\a^k
‡ 2QH:D\5RDG0DSSRVWHU
‡ 3RLQWHU
‡ &RORUHGFKHFNHUV
‡ )ORZHUSLFWXUHVRSWLRQDO
Lmn]^gm
‡ 1RQH
7KLVOHVVRQIROORZVWKHVDPHSDWWHUQDV/HVVRQ.$WWDFK\RXUFRS\RIWKH2QH:D\5RDG0DS
SRVWHUWRWKHERDUG7KHPDSLVUHSURGXFHGEHORZ)RUWKHPRPHQWGRQRWDWWDFKDQ\VSHFLDO
VLJQLÀFDQFHWRWKHFRORUHGGRWVWKH\DUHDFWXDOO\EODFNGRWVRQWKHSRVWHUDQGDUHLQFRORUKHUHIRU
UHIHUHQFHODWHULQWKHOHVVRQ
7
7KLVLVWKHPDSRIDJDUGHQ,I\RXZRXOGOLNHWRWDNHDZDONLQLW\RXKDYHWRIROORZWKH
DUURZV:KRZRXOGOLNHWRWU\"+HUHLVWKHJDWHLQWRWKHJDUGHQ3RLQWWRWKHELJEODFNGRW
RQWKHOHIW
/HWVHYHUDOVWXGHQWVWUDFHZDONVLQWKHJDUGHQXVLQJDSRLQWHU,IVRPHRQHPDNHVDPLVWDNHE\WU\LQJ
WRJRDJDLQVWWKHGLUHFWLRQRIDQDUURZWKHUHVWRIWKHFODVVVKRXOGSURWHVWE\UDLVLQJWKHLUKDQGVIRU
H[DPSOH
7
1RZ,DPJRLQJWRSRLQWRXWVRPHVSHFLDOSODFHVLQWKHJDUGHQ/HW·VVHHLIZHFDQJHWWR
WKHP+HUHDUHWKHUHGURVHV3ODFHDUHGURVHSLFWXUHRUDUHGFKHFNHURQWKHSRLQWLQGLFDWHG
LQWKHPDSDERYH
/HWVHYHUDOVWXGHQWVVKRZGLIIHUHQWZD\VRIJRLQJIURPWKHJDWHELJGRWWRWKHURVHVUHGGRW<RX
PD\ZDQWWRDVNYROXQWHHUVWRSODQWKHSDWKWKH\ZLOOWDNHEHIRUHFRPLQJWRWKHERDUG
-&+,.
D*)1
,I\RXOLNHJLYHVWXGHQWVZKRUHDFKWKHUHGFKHFNHUDURVHSLFWXUH
7RDYRLGFRQIXVLRQ\RXPD\ZDQWWRUHPRYHWKHUHGURVHRUFKHFNHUIURPWKHPDSEHIRUH
SURFHHGLQJ
7
+HUHDUHWKHGDIIRGLOV3ODFHD\HOORZGDIIRGLOSLFWXUHRUD\HOORZFKHFNHURQWKH\HOORZGRW
RQWKHPDS
$JDLQOHWVWXGHQWVVKRZGLIIHUHQWZD\VRIJRLQJIURPWKHJDWHELJGRWWRWKHGDIIRGLOV\HOORZGRW
&RQWLQXHLQWKLVZD\JLYLQJQDPHVWRRWKHUSODFHV)RUH[DPSOHWKHSXUSOHGRWFRXOGEHIRUOLODFV
DQGWKHJUHHQGRWFRXOGEHIRULY\
6WXGHQWVVKRXOGREVHUYHWKDWLWLVLPSRVVLEOHWRUHDFKWKHOLODFVSXUSOHGRW<RXPD\OLNHWRDVN
VWXGHQWVKRZWKH\FRXOGFKDQJHWKHJDUGHQPDSVRLWZRXOGEHSRVVLEOHWRUHDFKWKHOLODFV
-&+,/
D*)2
D*)2HG>&MH&HG><HKK>LIHG=>G<>
<Zilne^E^llhgLnffZkr
8VHFRUUHVSRQGHQFHWRFRPSDUHTXDQWLWLHVRIWZRRUWKUHHGLIIHUHQWNLQGVRIWKLQJV
FZm^kbZel
M^Z\a^k
‡ &RXQWHUVRUFKHFNHUV
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
5HSHDW/HVVRQ.XVLQJGLIIHUHQWWKLQJVWRFRUUHVSRQGDQGGLIIHUHQWQXPEHUV(PSKDVL]HXVLQJ
RQHWRRQHFRUUHVSRQGHQFHWRFRPSDUHTXDQWLWLHV
$VDYDULDWLRQ\RXPD\OLNHWRSUHVHQWDVLWXDWLRQZLWKWKUHHNLQGVRIWKLQJVWRFRUUHVSRQGDQG
FRPSDUHTXDQWLWLHVEHWZHHQWKHP
6XJJHVWVWXGHQWVUHFRUGRQHRIWKHVWRULHV\RXSUHVHQWHGLQWKHLUPDWKMRXUQDOV
-&+,0
-&+,1
.:=CNLMF>GM(:LL>LLF>GM=:R**
.
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHQXPEHUVLQWKHOHVVRQ,I\RXUVWXGHQWVHQMR\DQGFRXOGXVHPRUHFRXQWLQJH[SHULHQFHVUHSHDW
/HVVRQ.7KLVLVDOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI\RXU
FKRLFH
7KHIROORZLQJJDPHDFWLYLWLHVPD\EHDSSURSULDWHIRUZRUNLQJZLWKVWXGHQWVRQQXPEHUDZDUHQHVV
<Zm\aBm
$UUDQJHDJURXSRIVWXGHQWVLQDFLUFOHZLWK\RXLQWKHPLGGOH([SODLQWKDW\RXDUHJRLQJWRWRVVD
EDOOWRRQHRIWKHPDQGDV\RXWRVVWKHEDOO\RXZLOOVD\DQXPEHU7KHVWXGHQWZKRFDWFKHVWKHEDOO
PXVWVD\WKHQXPEHUWKDWLVRQHPRUHDQGWRVVWKHEDOOEDFNWR\RX
)RUYDULHW\FKDQJHWKHJDPHVRWKDWWKHVWXGHQWZKRFDWFKHVWKHEDOOPXVWVD\WKHQXPEHUWKDWLVRQH
OHVVWZRPRUHDQ\QXPEHUOHVVWKDQ\RXUQXPEHUDQ\QXPEHUPRUHWKDQ\RXUQXPEHU
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·FRXQWLQJVNLOOVDQGQXPEHUDZDUHQHVV
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.6ROLGV*HRPHWULFVROLGVEDJVFROOHFWLRQRIGLVSRVDEOHVROLGVSDLQWJOXHRUWDSH
.&RXQWLQJ&DOFXODWRU&DOFXODWRUVEORFNV
.&DWFKWKH7LJHU&DWFKWKH7LJHUJDPHPDWVPDOOWR\WLJHUGLFH
.6WULQJV6WULQJORRSV
.&RLQV&RLQVSHQQLHVQLFNHOVGLPHVSXUVHV
.0HWHU0HDVXUH0HWHUVWLFNVVWULQJFKDUWV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH....
-&+,2
-&+-)
.
.MA>GNF;>KEBG>@:F>
<Zilne^E^llhgLnffZkr
,QWURGXFHWKH1XPEHU/LQH*DPHLQZKLFKVWXGHQWVGLVFRYHUDVHFUHWQXPEHUE\
GHWHUPLQLQJLWVORFDWLRQRQWKHQXPEHUOLQHUHODWLYHWRWKHORFDWLRQRIRWKHUQXPEHUV
WKH\JXHVV
FZm^kbZel
M^Z\a^k
‡ 1RQH
Lmn]^gm
‡ 1RQH
'UDZDORQJOLQHIRUDQXPEHUOLQHRQWKHFKDONERDUG&KRRVHDSRLQWQHDUWKHFHQWHURIWKHOLQHDQG
ODEHOLWZLWKDQHPSW\ER[
7
/HW·VSOD\DJDPH,KDYHDVHFUHWQXPEHUEHWZHHQDQG
2QWKLVQXPEHUOLQHP\VHFUHWQXPEHUJRHVULJKWKHUHSRLQWWRWKHER[EXWLWLVKLGGHQLQ
WKLVER[7U\WRJXHVVP\VHFUHWQXPEHU
$VNDVWXGHQWWRPDNHDJXHVV,IWKHQXPEHUVXJJHVWHGLVQRWEHWZHHQDQGUHPLQGWKHFODVVRI
WKHSDUDPHWHUVDQGDVNIRUDQRWKHUJXHVV7KHIROORZLQJVDPSOHGLDORJXHDVVXPHVWKDW\RXUVHFUHW
QXPEHULV
6
,V\RXUQXPEHU"
7
1RLVPRUHWKDQP\QXPEHU,·OOVKRZ\RXZKHUHLVRQWKHQXPEHUOLQH7KLVPLJKW
QRWEHH[DFWO\WKHULJKWSODFHEXW,·OOWU\WREHDVDFFXUDWHDV,FDQ
0\VHFUHWQXPEHULVOHVVWKDQ
$QRWKHUJXHVV"
6
7
LVOHVVWKDQP\QXPEHU
6
7
LVPRUHWKDQP\QXPEHU
6
7
LVOHVVWKDQP\QXPEHU
6
7
7KDW·VLWLVP\VHFUHWQXPEHU
-&+-*
.
3OD\WKHJDPHDIHZPRUHWLPHVFKRRVLQJRWKHUVHFUHWQXPEHUVEHWZHHQDQGRULQFUHDVLQJWKH
VWDUWLQJLQWHUYDOWREHWZHHQDQG<RXPD\ZLVKWROHWWKHVWXGHQWZKRJXHVVHGFRUUHFWO\FKRRVH
WKHQH[WVHFUHWQXPEHUZKLVSHULQJLWWR\RX
Ghm^3,QLWLDOO\\RXZLOOZDQWWRSOD\WKHJDPHZLWKRXWYDOXHMXGJHPHQWDERXWVWXGHQWJXHVVHV$V
VWXGHQWV·VNLOOVLPSURYH\RXPD\ZDQWWRDVNRWKHUVWXGHQWVZKDWWKH\WKLQNDERXWDJXHVVOLNH
LQWKHH[DPSOHDERYH7KHUHWKHFODVVKDGDOUHDG\IRXQGWKHVHFUHWQXPEHUZDVOHVVWKDQVRLW
FHUWDLQO\FRXOGQRWEH
-&+-+
.
.LHEB=L+
<Zilne^E^llhgLnffZkr
,QFRRSHUDWLYHJURXSVPDQLSXODWHVROLGVDQGFUHDWHD´VROLGVFXOSWXUHµ
FZm^kbZel
M^Z\a^k
‡ *HRPHWULFVROLGV
‡ %DJVZLWKVROLGVLQWKHP
Lmn]^gm
‡ &ROOHFWLRQRIGLVSRVDEOHVROLGV
‡ 3DLQW
‡ *OXHRUWDSH
:]oZg\^Ik^iZkZmbhg33UHSDUHWZRRUWKUHHSDSHURUFORWKEDJVHDFKZLWKRQHJHRPHWULFVROLGLQLW
7LHRUVWDSOHWKHEDJVFORVHG7U\WRDUUDQJHWKDWWKHVROLGVLQHDFKEDJDUHGXSOLFDWHVRIWKHRQHVLQ\RXU
FROOHFWLRQRIJHRPHWULFVROLGV&ROOHFWDYDULHW\RIGLVSRVDEOHVROLGVHJSDSHUUROOVRDWPHDOER[HVLFH
FUHDPFRQHVRUFRQHVOHHYHVUHFWDQJXODURUFXELFER[HVVXFKDVWKRVHWKDWKROGWDFNVEUDGVVWDSOHVDQGVR
RQ
>q^k\bl^*
2UJDQL]HWKHFODVVLQDFLUFOHDQGSODFH\RXUFROOHFWLRQRIJHRPHWULFVROLGVLQWKHPLGGOH5HYLHZ
DQGFRQWLQXHVRPHRIWKHGLVFXVVLRQDERXWVROLGVIURP/HVVRQ.
6KRZVWXGHQWVRQHRIWKHEDJV\RXSUHSDUHGEHIRUHFODVVZLWKRQHRIWKHVROLGVLQLW
7
,SXWRQHRIWKHVHVROLGVLQWKLVEDJ/HW·VVHHLI\RXFDQJXHVVZKLFKRQH
/HWVWXGHQWVVXJJHVWZD\VWRÀJXUHRXWZKLFKVROLGLVLQWKHEDJ6RPHPD\ZDQWWRDVNTXHVWLRQV
VXFKDV´'RHVLWKDYHDQ\FRUQHUV"µ2WKHUVPD\OLNHWRORRNLQWKHEDJ$OORZVWXGHQWVWRDVN\HVQR
TXHVWLRQVRUWRIHHOQRWORRNLQWKHEDJ:KHQPDQ\VWXGHQWVDSSHDUWRNQRZZKLFKVROLGLVLQWKH
EDJUHYHDOLWWRWKHFODVV
5HSHDWWKLVDFWLYLW\ZLWKRQHRUWZRPRUHEDJVZLWKVROLGVLQWKHP
>q^k\bl^+
'LYLGHWKHFODVVLQWRFRRSHUDWLYHJURXSVDQGSUHSDUHZRUNVXUIDFHVIRUSDLQWLQJ/HWVWXGHQWVNQRZ
WKH\PXVWWDNHWXUQVSDLQWLQJLQWKHLUJURXSV'LVWULEXWHVHYHUDOW\SHVRIGLVSRVDEOHVROLGVWRHDFK
JURXS$VNYDULRXVTXHVWLRQVWRJLYHVWXGHQWVSUDFWLFHLGHQWLI\LQJWKHVROLGV
7
6KRZPHDF\OLQGHU«DFXEH«DFRQH
,I\RXSDLQWDQHQGRI\RXUF\OLQGHUZKDWVKDSHZLOO\RXVHHSDLQWHG"$FLUFOH
,I\RXSDLQWDIDFHRI\RXUFXEHZKDWVKDSHZLOO\RXVHHSDLQWHG"$VTXDUH
,QVWUXFWVWXGHQWVLQWKHLUJURXSVWRSDLQWWKHVROLGV$VWKHJURXSVDUHZRUNLQJ\RXPD\OLNHWR
FLUFXODWHDQGDVNTXHVWLRQVDERXWWKHVROLGVWKH\DUHSDLQWLQJ
7
<RXDUHSDLQWLQJDFXEH+RZPDQ\IDFHVDUHWKHUHWRSDLQW"6L[+RZPDQ\FRUQHUV
GRHVWKHFXEHKDYH"(LJKW
:KHQVWXGHQWVFRPSOHWHWKHSDLQWLQJSXWWKHVROLGVDVLGHWRGU\
-&+-,
.
>q^k\bl^,
:KHQWKHSDLQWHGVROLGVDUHGU\LQVWUXFWVWXGHQWVWRFUHDWHDVFXOSWXUH<RXPD\VXJJHVWWKDWWKH
VFXOSWXUHUHÁHFWDXQLW\RXDUHZRUNLQJRQ)RUH[DPSOHLI\RXDUHVWXG\LQJLQVHFWVVWXGHQWVPLJKW
PDNHGUDJRQÁLHVODG\EXJVDQGVRRQ<RXPD\ZLVKWRFRPHEDFNWRWKLVSDUWRIWKHOHVVRQODWHULQ
WKHGD\RUWKHQH[WGD\
Ghm^33DLQWLQJZLOOHQKDQFHWKHVWXGHQWV·XQGHUVWDQGLQJRIWKHVKDSHVDQGFRPSRVLWLRQIRXQGLQD
VROLGKRZHYHUWKHTXHVWLRQLQJDQGVFXOSWLQJFDQEHGRQHZLWKRXWWKHSDLQWLQJDFWLYLW\
-&+--
.
.<HNGMBG@<:E<NE:MHK<Zilne^E^llhgLnffZkr
5HYLHZKRZWRWHDFKWKHFDOFXODWRUWRFRXQWE\RQHV7HDFKWKHFDOFXODWRUKRZWRFRXQW
EDFNZDUGDQGDVVRFLDWHFRXQWLQJEDFNZDUGZLWKVXEWUDFWLQJ
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRU
‡ %ORFNVRURWKHUFRXQWHUV
Lmn]^gm
‡ &DOFXODWRU
'LVSOD\WKHRYHUKHDGFDOFXODWRU5HYLHZKRZWRWHDFKWKHFDOFXODWRUWRFRXQWE\RQHVÀUVWVWDUWLQJDW
RUDQGWKHQVWDUWLQJDWVRPHRWKHUQXPEHU
7
6XSSRVHZHWHDFKWKHFDOFXODWRUWRFRXQWE\RQHVDQGZHPDNHLWVWRSDW&RXOGZH
WHDFKWKHFDOFXODWRUWRFRXQWEDFNZDUGVWDUWLQJDWDQGJRLQJEDFNWRRU"
'LVFXVVZKDWLWPHDQVWRFRXQWEDFNZDUG6RPHVWXGHQWVPD\OLNHWRVKRZWKDWWKH\FDQFRXQW
EDFNZDUGIURPWR0RGHOFRXQWLQJEDFNZDUGZLWKEORFNVVWXGHQWVRURWKHUFRXQWHUV
7
/HW·VWHDFKWKHFDOFXODWRUWRFRXQWEDFNZDUG6XSSRVHZHZDQWLWWRVWDUWDW
3XWRQWKHGLVSOD\DQGSXWRXWEORFNVRUFRXQWHUV
7
+RZGRZHJHWWKHQH[WQXPEHU"
6
7DNHDZD\VXEWUDFW
6
6D\´µ
0RGHOZLWKWKHEORFNVRUFRXQWHUV
7
(DFKWLPHZHFRXQWEDFNZDUGWKHQH[WQXPEHULVRQHOHVV6ROHW·VWHOOWKHFDOFXODWRUWR
VXEWUDFWRQH3UHVVPCD1RZWKHFDOFXODWRUFDQFRXQWEDFNZDUG
&KRRVHDVWXGHQWWRSUHVVSUHSHDWHGO\DV\RXPRGHOFRXQWLQJEDFNZDUGZLWKWKHEORFNVRUFRXQWHUV
6WRSEHIRUHRUDW
7
6RZHWHDFKDFDOFXODWRUWRFRXQWEDFNZDUGXVLQJWKHVHVWHSV
3XWRQWKHVWDUWLQJQXPEHU
3UHVVPCD
3UHVVSCSCSDQGVRRQ
'LVWULEXWHFDOFXODWRUVDQGLQYLWHVWXGHQWVWRWHDFKWKHLUFDOFXODWRUVWRFRXQWEDFNZDUG6RPHVWXGHQWV
PD\OLNHWRVWDUWWKHFRXQWLQJDWD´ELJµQXPEHUOLNH
-&+-.
-&+-/
.
.<:M<AMA>MB@>K*
<Zilne^E^llhgLnffZkr
3OD\DJDPHLQYROYLQJFRXQWLQJDQGFKDQFH
FZm^kbZel
M^Z\a^k
‡ +XQWHUE\3DW+XWFKLQV
:LOGOLIH²²E\-DQ7KRUQKLOO
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &DWFKWKH7LJHUJDPHPDW
‡ 6PDOOWR\WLJHURUDQ\RWKHU
DQLPDO
‡ 'LFHRUQXPEHUFXEHV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3,QWKH&603&ODVVURRP6HW\RXZLOOÀQGVHYHUDO&DWFKWKH7LJHUJDPHPDWVRQ
DSRVWHU&XWWKHPRXWWRXVHDVVHSHUDWHPDWV7RLQFUHDVHWKHOLIHRIWKHVHJDPHPDWV\RXFDQODPLQDWH
WKHP
>q^k\bl^*
5HDG+XQWHUE\3DW+XWFKLQV:LOGOLIH²²E\-DQ7KRUQKLOORUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
>q^k\bl^+
6KRZ\RXUVWXGHQWVWKHWR\WLJHUDQGH[SODLQWKDWWKH\DUHJRLQJWRSOD\&DWFKWKH7LJHU0RGLI\
WKLVJDPHDVQHFHVVDU\LI\RXDUHXVLQJDQRWKHUDQLPDO,I\RXXVHDFKHFNHUH[SODLQWKDWWKHFKHFNHU
VWDQGVIRUWKHWLJHU
7
7KLVWLJHUZDONVEDFNDQGIRUWKDORQJWKLVWUDFN
6KRZWKHVWXGHQWVWKHJDPHPDWDQGSODFHWKHWLJHURQWKHFHQWUDOVTXDUH
7
<RXDUHJRLQJWRWU\WRFDWFKWKHWLJHU
'LYLGHWKHVWXGHQWVLQWRWZRWHDPV6WDQGRQHWHDPDWRQHHQGRIWKHJDPHPDWDQGWKHRWKHUWHDPDW
WKHRWKHUHQG
6WDUW
7HDP
7HDP
WLJHURUFKHFNHU
7
7KHWLJHULVVDIHDVORQJDVLWVWD\VRQWKHWUDFNEXWDVVRRQDVLWVWHSVRIIWKLVHQGRIWKH
WUDFNSRLQWWRWKHOHIWVLGH7HDPZLOOFDWFKLWDQGDVVRRQDVLWVWHSVRIIWKHRWKHUHQG
SRLQWWRWKHULJKWVLGH7HDPZLOOFDWFKLW<RXFDQPRYHWKHWLJHUIROORZLQJWKHUXOHVRI
WKHJDPH
Kne^lh_ma^@Zf^
-&+-0
.
7KHWZRWHDPVWDNHWXUQV
7KHPHPEHUVRIDWHDPWDNHWXUQVUROOLQJDGLHQXPEHUFXEHZKHQLWLVWKHLUWHDP·VWXUQ
(DFKWLPHWKHGLHLVUROOHGWKHQXPEHUREWDLQHGLVQRWHGDQGWKHWLJHULVPRYHGWKDWPDQ\
VTXDUHVWRZDUGWKHWHDPZKRUROOHGWKHGLH)RUH[DPSOH
7HDP
UROOVD
7HDP
7HDP
7HDP
UROOVD
7HDP
UROOVD
7HDP
7KHZLQQHULVWKHWHDPWKDWVXFFHHGVLQ´FDWFKLQJWKHWLJHUµWKDWLVRQZKRVHWXUQWKHWLJHUZDONV
RIIWKHLUVLGHRIWKHJDPHPDW
,QPRVWJDPHV\RXZLOOQRWLFHWKDWWKHWLJHUMXVWNHHSVSURZOLQJEDFNDQGIRUWKRQDVDIHWUDFN
+HQFHDJDPHFDQJRRQIRUDORQJWLPHZLWKRXWDQ\ERG\FDWFKLQJWKHWLJHU
,IWKLVKDSSHQVGLVFXVVZLWKWKHFODVVKRZWKHUXOHVPLJKWEHFKDQJHGVRWKDWLWZLOOEHHDVLHUIRUD
WHDPWRZLQ2QHRIWKHIROORZLQJWZRVXJJHVWLRQVPLJKWEHPDGHRUPDNHWKHVHFRQGVXJJHVWLRQ
\RXUVHOI
‡ 0DNHWKHJDPHPDWVKRUWHU
‡ /HWHDFKWHDPUROOWKHGLHWZLFHLQRQHWXUQ
%RWKRIWKHVHVROXWLRQVZLOOLQGHHGVKRUWHQWKHJDPH7KHIROORZLQJVDPSOHLOOXVWUDWHVWKHVHFRQG
VXJJHVWLRQ
6WDUWWKHJDPHRYHUDJDLQXVLQJWKHQHZUXOHZKLFKDOORZVHDFKWHDPWRUROOWKHGLHWZLFHRQWKHLU
WXUQ
-&+-1
7HDP
ILUVWUROO
7HDP
7HDP
VHFRQGUROO
7HDP
7HDP
7HDP
ILUVWUROO
.
7HDP
7HDP
VHFRQGUROO
7HDP
ILUVWUROO
7HDP
7HDP
7HDP
VHFRQGUROO
7HDPZLQV
<RXPD\RFFDVLRQDOO\ZDQWWRDVNTXHVWLRQVRIVWXGHQWVZKLOHWKH\DUHSOD\LQJWKHJDPH)RU
H[DPSOH
7
&DQ\RXFDWFKWKHWLJHURQWKLVWXUQ"
+RZFORVHLVWKHWLJHUWR7HDP"«WR7HDP"«WRWKHPLGGOH"
'R\RXKDYHDJRRGFKDQFHRIFDWFKLQJWKHWLJHURQWKLVWXUQ"
Ghm^3$IWHUWKHVWXGHQWVXQGHUVWDQGWKHJDPH\RXPD\SUHIHUWRKDYHVHYHUDOJDPHVJRLQJRQ
VLPXOWDQHRXVO\,IVRGLYLGHWKHFODVVLQWRVHYHUDOJURXSVRIIRXUWRHLJKWVWXGHQWVDQGOHWHDFKJURXS
IRUPWHDPVWRSOD\WKHJDPH
7KHUHLVDVHFRQGOHVVRQXVLQJWKLVJDPH.EXWIHHOIUHHWRSOD\LWDVRIWHQDV\RXOLNH
-&+-2
-&+.)
D**.
D**.LMKBG@L+
<Zilne^E^llhgLnffZkr
&ODVVLI\.$EORFNVXVLQJWZRDWWULEXWHVDQGGLVFRYHURYHUODSSLQJVHWV
FZm^kbZel
M^Z\a^k
‡ 1RQH
Lmn]^gm
‡ 6WULQJORRSVLQWZRGLIIHUHQW
FRORUV
‡ .$EORFNV
7KLVOHVVRQLVDVHFRQGFKDQFHIRUVWXGHQWVWRWDFNOHWKHSUREOHPWKH\ÀUVWHQFRXQWHUHGLQ/HVVRQ
.([HUFLVHZKLFKPD\KDYHEHHQOHIWXQVROYHG(YHQLIVRPHRIWKHVWXGHQWVGLVFRYHUHG
RYHUODSSLQJVWULQJVLQ/HVVRQ.\RXPD\ZDQWWRUHSHDWWKHH[SHULHQFHKHUH
>q^k\bl^*
5HSHDW([HUFLVHRI/HVVRQ.SRVVLEO\FKDQJLQJWKHFODVVLÀFDWLRQVLQYROYHG
>q^k\bl^+
$VNWKHVWXGHQWVWRUHPRYHWKH.$EORFNVIURPWKHVWULQJV
7
7KLVWLPHSXWDOOWKHVTXDUHVLQWKHEOXHVWULQJDQGDOOWKH\HOORZSLHFHVLQWKH\HOORZ
VWULQJ
<HOORZ
1RWH1RWDOOWKH.$EORFN
SLHFHVDUHVKRZQKHUH
$V\RXFLUFXODWHDURXQGWKHJURXSVDVNTXHVWLRQVVXFKDV
7
:KDWVKDSHVGR\RXKDYHKHUH",QGLFDWHZLWK\RXUKDQGWKHPLGGOHUHJLRQWKHRYHUODSRI
WKHWZRVWULQJV
6
<HOORZVTXDUHV
7
$QGKHUH",QGLFDWHLQVLGHWKHEOXHVWULQJEXWRXWVLGHWKH\HOORZ
6
6TXDUHVWKDWDUHQRW\HOORZ
7
$QGKHUH",QGLFDWHLQVLGHWKH\HOORZVWULQJEXWRXWVLGHWKHEOXH
6
<HOORZVKDSHVWKDWDUHQRWVTXDUHV
7
$UHWKHUHVRPHSLHFHVWKDWEHORQJRXWVLGHERWKVWULQJV"
6
$UHGWULDQJOHDEOXHFLUFOH«
-&+.*
-&+.+
D**/
D**/<HBGL+
<Zilne^E^llhgLnffZkr
6RUWDFROOHFWLRQRIFRLQVDQGGHVFULEHWKHFROOHFWLRQ/HDUQWRUHFRJQL]HFRLQVDQG
WKHYDOXHVRIDSHQQ\QLFNHODQGGLPH0DNHFRLQWUDGHVIRUHTXDODPRXQWV)LQG
FRPELQDWLRQVRIFRLQVWRPDNHDJLYHQDPRXQWRIPRQH\
FZm^kbZel
M^Z\a^k
‡ &RLQVSHQQLHVQLFNHOVGLPHV
Lmn]^gm
‡ 3XUVHZLWKFRLQVLQLW
:]oZg\^Ik^iZkZmbhg33XUVHVFDQEHDQ\VPDOOFRQWDLQHUIRUKROGLQJFRLQV3UHSDUHVHYHUDOSXUVHVHDFK
ZLWKDFROOHFWLRQRISHQQLHVQLFNHOVDQGGLPHV0DNHWKHFRQWHQWVRIWKHSXUVHVGLIIHUHQWEXWDUUDQJHWKDW
HYHU\SXUVHKDVVRPHRIHDFKFRLQDQGDSSUR[LPDWHO\ÀIWHHQFRLQVLQWRWDO
>q^k\bl^*
'LYLGHWKHFODVVLQWRJURXSVRIWZRWRWKUHHVWXGHQWV/HWHDFKJURXSFKRRVHRQHRIWKHSXUVHV
,QVWUXFWWKHJURXSVWRHPSW\WKHLUSXUVHVDQGVRUWWKHFRQWHQWV$VNWKDWWKH\SUHSDUHWRGHVFULEHWKH
FRQWHQWVWRWKHFODVV)RUH[DPSOH
‡ :KDWNLQGRIFRLQVZHUHLQWKHSXUVH"
‡ +RZPDQ\SHQQLHV"
‡ :HUHWKHUHPRUHGLPHVWKDQQLFNHOV"
'XULQJWKHGLVFXVVLRQOHWVWXGHQWVQDPHWKHYDULRXVFRLQVDQGWHOO\RXWKHLUYDOXHV:ULWHWKLV
LQIRUPDWLRQRQWKHERDUG
0ENNY`
.ICKEL`
$IME`
7RSUDFWLFHFRLQUHFRJQLWLRQDVNRQHSHUVRQWRKROGXSWKHFRUUHFWFRLQDV\RXFDOORXWLWVQDPHRU
YDOXH0DNHVXUHHYHU\RQHLQDJURXSKDVDFKDQFHWRSDUWLFLSDWH
>q^k\bl^+
&RQWLQXHZLWKDGLVFXVVLRQRIWUDGHV)RUH[DPSOHEULQJWZRVWXGHQWVWRWKHIURQWRIWKHURRPJLYH
RQHDQLFNHODQGWKHRWKHUVRPHSHQQLHV
7
+RZPDQ\SHQQLHVVKRXOG,JLYH5DROHVRWKDWKHFDQWUDGHZLWK/R\FHDQGVWLOOKDYHWKH
VDPHDPRXQWRIPRQH\"
(PSKDVL]HHTXDOWUDGHV7KHQLQYLWHVWXGHQWVWRPDNHDIHZHTXDOWUDGHV([SORUHWUDGHVRIÀYH
SHQQLHVIRUDQLFNHOSHQQLHVIRUDGLPHDQGWZRQLFNHOVIRUDGLPH6RPHRI\RXUVWXGHQWVPD\
VXJJHVWWUDGHVVXFKDVÀYHSHQQLHVDQGRQHQLFNHOIRUDGLPHRUSHQQLHVIRUWZRQLFNHOV6RPH
VWXGHQWVPD\FRQIXVHWKHQXPEHURIFRLQVZLWKWKHLUYDOXH,Q\RXUGLVFXVVLRQLQFOXGHVRPHFDVHV
ZKHUHWUDGHVFDQQRWEHPDGH
-&+.,
D**/
7
1RZ,ZRXOGOLNHHDFKJURXSWRSXWH[DFWO\„LQWRWKHSXUVH
,QYLWHVRPHRQHIURPHDFKJURXSWRVKRZWKHFODVVKRZWKH\VROYHGWKHSUREOHP
6
2XUJURXSSXWVHYHQSHQQLHVLQRXUSXUVH
6
:HSXWRQHQLFNHODQGWZRSHQQLHVLQRXUSXUVH
'LUHFWWKHJURXSVWRHPSW\WKHSXUVHV7KHQVXJJHVWRWKHUDPRXQWVRIPRQH\IRUWKHJURXSVWRSXW
LQWRWKHLUSXUVHVIRUH[DPSOH„RU„
6XJJHVWWRSDUHQWVJXDUGLDQVWKDWWKH\ÀQGRSSRUWXQLWLHVWRVRUWDFROOHFWLRQRIFRLQVZLWKWKHLUFKLOG
-&+.-
D**0
D**0F>M>KF>:LNK>
<Zilne^E^llhgLnffZkr
8VLQJDPHWHUVWLFNFRPSDUHOHQJWKVRIYDULRXVLWHPVDQGVWXGHQWV·KHLJKWVWRDPHWHU
FZm^kbZel
M^Z\a^k
‡ $PHWHUVWLFN
‡ 7KH/LQH8S%RRNE\0DULVDELQD
5XVVRRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ %ODFNOLQH.
Lmn]^gm
‡ 0HWHUVWLFNIRUHDFKJURXSRI
VWXGHQWV
‡ %ODQNFKDUWIRUHDFKJURXS
:]oZg\^Ik^iZkZmbhg38VH%ODFNOLQH.WRPDNHWKHEODQNFKDUWIRUHDFKJURXSRIVWXGHQWV
>q^k\bl^*
5HDG7KH/LQH8S%RRNE\0DULVDELQD5XVVRRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
'UDZDFKDUWRQWKHFKDONERDUGOLNHWKHRQHLOOXVWUDWHGKHUH
3HORTER
%QUAL
,ONGER
+ROGXS\RXUPHWHUVWLFNDQGH[SODLQZKDWLWLVDQGKRZLWLVXVHGWRPHDVXUH2UJDQL]HVWXGHQWVLQWR
JURXSVRIWKUHHWRIRXUDQGSURYLGHHDFKJURXSZLWKDPHWHUVWLFN*LYHHDFKJURXSDEODQNFKDUWRQ
ZKLFKWRUHFRUGLWHPVVKRUWHUWKDQHTXDOWRRUORQJHUWKDQDPHWHU
$V\RXJLYHGLUHFWLRQVWRWKHJURXSVPRGHOKRZWRFRPSDUHWKHOHQJWKVRIYDULRXVLWHPVWRD
PHWHUVWLFNDQGKRZWRUHFRUGWKHPRQDFKDUW
7
:LWK\RXUJURXSÀQGVRPHWKLQJVLQWKHURRPWKDW\RXFDQFRPSDUHWRWKLVPHWHUVWLFN,I
\RXÀQGVRPHWKLQJVKRUWHUWKDQWKHPHWHUVWLFNSXWLWLQWKH6KRUWHUFROXPQRQ\RXUFKDUW
,I\RXÀQGVRPHWKLQJWKDWLVWKHVDPHOHQJWKDVWKHPHWHUVWLFNSXWLWLQWKH(TXDOFROXPQ
,I\RXÀQGVRPHWKLQJORQJHUWKDQWKHPHWHUVWLFNSXWLWLQWKH/RQJHUFROXPQ
(QFRXUDJHDOOWKHVWXGHQWVWRJHWLQYROYHGDQGWRVKDUHUHVSRQVLELOLWLHVZLWKLQWKHJURXS7KHFKDUW
UHFRUGFDQEHPDGHZLWKSLFWXUHVRUZRUGVLIVWXGHQWVFDQZULWHWKHPRUZLWKDFWXDOLWHPVLIWKH\
DUHHDV\WRPRYH
-&+..
D**0
:KHQPRVWJURXSVKDYHIRXQGDWOHDVWRQHLWHPLQHDFKFDWHJRU\FDOOWKHFODVVEDFNWRJHWKHUWRWDON
DERXWZKDWWKH\IRXQG
>q^k\bl^,
&RQWLQXHWKHFODVVGLVFXVVLRQWKLQNLQJDERXWFRPSDULQJSHRSOHV·KHLJKWWRRQHPHWHU
7
'R\RXNQRZDQ\RQHZKRLVDORWVKRUWHUWKDQRQHPHWHU"
6
0\EDE\VLVWHU
7
'R\RXNQRZDQ\RQHZKRVHKHLJKWLVDERXWHTXDOWRRQHPHWHU"
6
0D\EHRQHRIXV
8VHWKHPHWHUVWLFNDQGOHWVWXGHQWVFRPSDUHWKHLUKHLJKWVWRRQHPHWHU0RVWVWXGHQWVZLOOSUREDEO\
EHDOLWWOHWDOOHUWKDQDPHWHUEXW\RXZLOOSUREDEO\ÀQGRQHRUWZRZKRDUHFORVHWRRQHPHWHUWDOO
7
'R\RXNQRZDQ\RQHZKRLVPXFKWDOOHUWKDQRQHPHWHU"
6
<RX
&RPSDUH\RXUVHOIWRWKHPHWHUVWLFN
7
'R\RXWKLQN,FRXOGEHWDOOHUWKDQWZRPHWHUVWLFNV"
/HWVWXGHQWVKHOS\RXSODFHWZRPHWHUVWLFNVHQGWRHQGDQGFRPSDUH\RXUKHLJKWWRWZRPHWHUV
7
$P,WDOOHUWKDQWZRPHWHUV"
6
1R
7
'R\RXNQRZDQ\RQHZKRLVWDOOHUWKDQWKLVSRLQWWRWKHWZRPHWHUVWLFNV"
6
0\IDWKHUDQGPRWKHU
M
$KXPDQEHLQJWDOOHUWKDQPLVDUDULW\VRLWLVXQOLNHO\WKDWWKHVWXGHQWVZLOONQRZDQ\RQHZKRÀWV
WKDWGHVFULSWLRQ1HYHUWKHOHVVWKH\ZLOOSUREDEO\YROXQWHHUVRPHDQVZHUV6RPHYHU\WDOOEDVNHWEDOO
SOD\HUVDUHPRUHWKDQPWDOO6RDUHFHUWDLQDQLPDOVVXFKDVJLUDIIHVDQGHOHSKDQWV
*LYHHDFKVWXGHQWDPSLHFHRIVWULQJ'LUHFWWKHPWRJRKRPHDQGFRPSDUHWKHKHLJKWVRIIDPLO\
PHPEHUVWRRQHPHWHU/HWVWXGHQWVUHSRUWWRWKHFODVVZKLFKRIWKHLUIDPLO\PHPEHUVZHUHVKRUWHU
WDOOHURUHTXDOWRRQHPHWHU7KRVHVWXGHQWVZKRWKLQNWKHLUIDWKHUVRUPRWKHUVDUHPWDOOFDQFKHFN
E\XVLQJDPVWULQJWRFRPSDUH
-&+./
D**1
D**1MP>EO>>E>IA:GML
<Zilne^E^llhgLnffZkr
,QWKHFRQWH[WRIDFLUFXVVWRU\GLVFRYHUPDQ\GLIIHUHQWZD\VWRPDNH
FZm^kbZel
M^Z\a^k
‡ 7KH5LJKW1XPEHURI(OHSKDQWV
E\-HII6KHSSDUG&LUFXV
1XPEHUVE\5RGQH\3HSSH
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
>q^k\bl^*
5HDG7KH5LJKW1XPEHURI(OHSKDQWVE\-HII6KHSSDUG&LUFXV1XPEHUVE\5RGQH\3HSSHRU
DQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
6WDUWWKLVH[HUFLVHE\OHWWLQJWKHVWXGHQWVWDONDERXWDFLUFXV
7
/HW·VSUHWHQGZHDUHDWWKHFLUFXV+HUHFRPHWKHHOHSKDQWV
'UDZWZHOYHGRWVRQWKHERDUGDVLOOXVWUDWHG
7
7KHVHGRWVDUHIRUHOHSKDQWV+RZPDQ\
HOHSKDQWVDUHWKHUH"
6
7ZHOYH
7
7KHHOHSKDQWVDUHZDONLQJRQHEHKLQGWKHRWKHUHDFKRQHXVLQJKLVWUXQNWRKROGRQWRWKH
WDLORIWKHHOHSKDQWLQIURQWRIKLP
'UDZDUURZVDVVKRZQKHUH$V\RXGUDZHDFK
DUURZVD\
7
7KLVHOHSKDQWLVKROGLQJRQWRWKHWDLORI
WKHHOHSKDQWLQIURQWRIKLP
:KHQDOOWKHDUURZVKDYHEHHQGUDZQDVNVWXGHQWVWRSRLQWWRWKHDSSURSULDWHGRWVWRDQVZHUWKH
IROORZLQJTXHVWLRQV
7
:KLFKHOHSKDQWLVDWWKHYHU\IURQWRIWKHOLQH"
:KLFKRQHLVDWWKHEDFNRIWKHOLQH"
-&+.0
D**1
'LUHFWWKHVWXGHQWVWRFORVHWKHLUH\HVZKLOH\RX
GRVRPHWKLQJWRWKHSLFWXUH4XLFNO\HUDVHRQH
DUURZDQGWKHQDVNWKHVWXGHQWVWRORRNDJDLQDW
WKHSLFWXUH
7
:KDWKDVKDSSHQHG"
6
2QHHOHSKDQWOHWJR
'LUHFWWKHVWXGHQWVWRFORVHWKHLUH\HVDJDLQZKLOH
\RXGRVRPHWKLQJWRWKHSLFWXUH4XLFNO\GUDZ
DUURZVE\WKH,VLQWKHLOOXVWUDWLRQWKHQDVNWKH
VWXGHQWVWRORRN
7
:KDWKDVKDSSHQHGQRZ"
6
7KH\DUHJRLQJLQFLUFOHV
)
)
&ODULI\WKLVVWDWHPHQWDVIROORZV
7
<RX·UHULJKW1RZWKH\DUHZDONLQJDURXQGLQWZRJURXSVKROGLQJRQWRHDFKRWKHU·VWDLOV
+RZPDQ\HOHSKDQWVDUHWKHUHDOWRJHWKHU"
6
7ZHOYH
7
<HVVL[KHUHDQGVL[RYHUWKHUH
:LWKRXWFRPPHQWZULWHWKHIROORZLQJWRRQHVLGHRIWKHFKDONERDUG
$JDLQDVNWKHVWXGHQWVWRFORVHWKHLUH\HVZKLOH\RXFKDQJHWKHSLFWXUH
7
:KDWKDVKDSSHQHGQRZ"
6
7KH\DUHZDONLQJLQVPDOOHUJURXSV
7
<RX·UHULJKW+RZPDQ\HOHSKDQWVDUHLQ
HDFKJURXS"7KUHH
+RZPDQ\JURXSVDUHWKHUH")RXU
:LWKRXWFRPPHQWDGGWKLVLQIRUPDWLRQWRZKDW·VRQWKHERDUG
-&+.1
D**1
&KDQJH\RXUSLFWXUHDJDLQ
7
:KDWKDVKDSSHQHGQRZ"
6
7KH\DUHZDONLQJWZRE\WZR
7
+RZPDQ\SDLUVDUHWKHUH"6L[
$JDLQZLWKRXWFRPPHQWDGGWKLVLQIRUPDWLRQWR
ZKDWLVRQWKHERDUG
0DNHRQHÀQDOFKDQJH
7
:KDWLVKDSSHQLQJQRZ"
6
(DFKRQHLVE\LWVHOIQRZ7KH\DUHQR
ORQJHUKROGLQJRQWRDQRWKHUHOHSKDQW·V
WDLO
$GGWKHIROORZLQJWR\RXUUHFRUG
7
7KDW·VWKHHQGRIWKHVKRZ
'LUHFWVWXGHQWVWRUHFRUGRQHZD\WRZULWHWZHOYHLQWKHLUPDWKMRXUQDOV7KH\PD\FKRRVHDZD\
IURPWKHFKDONERDUGRUWKH\PD\FUHDWHWKHLURZQ6XJJHVWWKH\GUDZGRWVDQGDUURZVLIWKH\OLNH
-&+.2
-&+/)
D**2
D**2=>M><MBO>LMHKR*
<Zilne^E^llhgLnffZkr
'LVFRYHUDVHFUHWQXPEHUXVLQJVHYHUDOFOXHVDERXWFRXQWLQJE\WZRVOHVVWKDQDQG
VKRZLQJWKHQXPEHUZLWKÀQJHUV
FZm^kbZel
M^Z\a^k
‡ 'HWHFWLYHRI/RQGRQE\5REHUW
.UDXVHRUDQRWKHUVHOHFWLRQIURP
WKHOLWHUDWXUHOLVW
‡ 3DSHUZLWKZULWWHQRQLW
Lmn]^gm
‡ 1RQH
5HDG'HWHFWLYHRI/RQGRQE\5REHUW.UDXVHRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW7KHQKROG
DVKRUWGLVFXVVLRQZLWKWKHFODVVDERXWZKDWGHWHFWLYHVGR7HOOVWXGHQWVWKDWWKH\DUHJRLQJWREH
GHWHFWLYHVDQGWU\WRGLVFRYHUDVHFUHWQXPEHU6KRZWKHFODVV\RXUIROGHGSLHFHRISDSHU
7
,ZURWHWKHVHFUHWQXPEHURQWKLVSLHFHRISDSHUEXW\RXFDQ·WVHHLWEHFDXVHLW·VIROGHG
7
+HUH·VWKHÀUVWFOXH<RXZLOOVD\WKHVHFUHWQXPEHULI\RXFRXQWE\WZRVRUVNLSFRXQW
IURPWR
:KDWFRXOGWKHVHFUHWQXPEHUEH"
,QYLWHVWXGHQWVWRVNLSFRXQWIURPWRZKLOH\RXUHFRUGWKHQXPEHUVWKH\VD\RQWKHERDUG<RX
PD\OLNHWRDVNDVWXGHQWWRSRLQWWRWKHQXPEHUVRQWKHFODVVQXPEHUOLQHZKLOHWKHRWKHUVWXGHQWVGR
WKHVDPHRQWKHLUGHVNWRSQXPEHUOLQHV
7
7KHUHDUHPDQ\SRVVLEOLWLHVIRUWKHVHFUHWQXPEHU'R\RXNQRZZKLFKRQHLWLV"
:KDWGR\RXQHHG"
6
$QRWKHUFOXH
7
+HUH·VDQRWKHUFOXH7KHVHFUHWQXPEHULVOHVVWKDQ
/HWVWXGHQWVGLVFXVVZKDWLQIRUPDWLRQWKH\JHWIURPWKLVFOXH$VWKH\GHWHUPLQHWKHVHFUHWQXPEHU
FDQQRWEHRUFURVVWKHPRIIWKHOLVW
7
&RXOGWKHVHFUHWQXPEHUEH"<HV«"<HV«"<HV
$WWKLVSRLQW\RXPD\OLNHWRHUDVHWKHFURVVHGRXWQXPEHUVOHDYLQJRQO\DQGRQWKHERDUG
-&+/*
D**2
7
1RZWKHUHDUHMXVWWKUHHSRVVLELOLWLHVIRUWKHVHFUHWQXPEHU'R\RXNQRZZKLFKRQHLWLV"
:KDWGR\RXQHHG"
6
$QRWKHUFOXH
7
+HUH·VWKHODVWFOXH<RXFDQQRWVKRZWKHVHFUHWQXPEHUZLWKWKHÀQJHUVRIRQHKDQG
$JDLQOHWVWXGHQWVGLVFXVVZKDWLQIRUPDWLRQWKH\JHWIURPWKLVFOXH6WXGHQWVVKRXOGVKRZDQG
ZLWKWKHÀQJHUVRIRQHKDQGDQGFRQFOXGHWKHVHWZRQXPEHUVFDQEHFURVVHGRIIWKHOLVW
6
7KHVHFUHWQXPEHULV
8QIROG\RXUSLHFHRISDSHUDQGVKRZHYHU\RQHWKDWLQGHHGLVWKHVHFUHWQXPEHU
-&+/+
D*+):=CNLMF>GM(:LL>LLF>GM=:R
D*+)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHQXPEHUVLQWKHOHVVRQ7KH1XPEHU/LQH*DPHLQ.LVRQH\RXPD\OLNHWRUHSHDW7KLVLV
DOVRDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQDSURMHFWRI\RXUFKRLFH
7KHIROORZLQJDFWLYLWLHVDUHDSSURSULDWHIRUDGGLWLRQDOZRUNRQSDWWHUQVDQGQXPEHUUHFRJQLWLRQ<RX
PD\OLNHWRXVHWKH%LQJRJDPHEHIRUH/HVVRQ.
G^\deZ\^l
6KRZWKHFODVVDQHFNODFHPDGHRIEHDGVRUVRPHRWKHUVWULQJLQJPDWHULDOZKHUHDSDWWHUQZDVXVHG
LQLWVFRQVWUXFWLRQ)RUH[DPSOHDQHFNODFHRIEHDGVPLJKWKDYHDEOXHEHDGEHWZHHQHYHU\WZRUHG
EHDGV
3URYLGHDYDULHW\RIVWULQJLQJPDWHULDOVEHDGVPDFDURQLVKDSHVIUXLWORRSVDQGVRRQDORQJ
ZLWKVWULQJDQGLQYLWHVWXGHQWVWRPDNHWKHLURZQQHFNODFHV(QFRXUDJHVWXGHQWVWRXVHDSDWWHUQLQ
PDNLQJDQHFNODFHDQGWRGHVFULEHWKHSDWWHUQWKH\XVH
;bg`h
%ODFNOLQH.KDV%LQJRFDUGVIRUWKLVJDPH
3URYLGHHDFKVWXGHQWZLWKD%LQJRFDUGDQGVRPHFKLSVFKHFNHUVFRXQWHUVEHDQV6KXIÁHWKH
QXPHUDOFDUGV²DQGSODFHWKHPDVDGHFNIDFHGRZQ7KHQWXUQXSWKHQXPHUDOFDUGVRQHDW
DWLPHDQGUHDGWKHQXPEHU6WXGHQWVZKRKDYHWKDWQXPEHURQWKHLUELQJRFDUGVKRXOGFRYHUWKH
QXPEHUZLWKDFKLS&RQWLQXHXQWLODVWXGHQWZLQVE\JHWWLQJD%LQJR³LQWKLVFDVHWKUHHQXPEHUV
FRYHUHGLQDURZFROXPQRUGLDJRQDO
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·SDWWHUQLQJDQGQXPEHUUHFRJQLWLRQVNLOOV
-&+/,
D*+)
$PRQJWKHQH[WQLQHFODVVURRPOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOV
QRWLQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.&DWFKWKH7LJHU&DWFKWKH7LJHUJDPHPDWVPDOOWR\WLJHUGLFH
.1XPEHU)DFWV&RXQWHUV
.0LUURU6\PPHWU\)XOOOHQJWKPLUURU
.1XPHUDO&KDUW%LQJR1XPHUDOFDUGV²
.&DOFXODWRU$GGLWLRQ&DOFXODWRUVFRXQWHUVDQGRUSHQQLHV
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH...
-&+/-
D*+*
D*+*<:M<AMA>MB@>K+
<Zilne^E^llhgLnffZkr
3OD\DJDPHLQYROYLQJFRXQWLQJDQGFKDQFH
FZm^kbZel
M^Z\a^k
‡ ´:H·UH)RXU)HURFLRXV7LJHUVµ
IURP6RPHWKLQJ%LJ+DV%HHQ
+HUHE\-DFN3UHOXWVN\RU
DQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &DWFKWKH7LJHUJDPHPDW
‡ 6PDOOWR\WLJHURUDQRWKHU
DQLPDO
‡ 'LFH
Lmn]^gm
‡ 1RQH
5HDG´:H·UH)RXU)HURFLRXV7LJHUVµIURP6RPHWKLQJ%LJ+DV%HHQ+HUHE\-DFN3UHOXWVN\RU
DQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
5HSHDW/HVVRQ.([HUFLVH<RXPD\FKRRVHWRSOD\WKHJDPHDVDFODVVRULQVHYHUDOJURXSV
8VHWKHYHUVLRQWKDW\RXDQG\RXUVWXGHQWVOLNHEHVWEXWUHPHPEHUWKDWPDNLQJWKHJDPHPDWVKRUWHU
RUOHWWLQJWHDPVUROOWKHGLHWZLFHSHUWXUQZLOOVKRUWHQWKHJDPH
-&+/.
-&+//
D*++
D*++LMKBG@L,
<Zilne^E^llhgLnffZkr
3ODFH.$EORFNSLHFHVLQVWULQJV8VHDVHWRIEORFNVWRDQVZHUTXHVWLRQVDERXWDVWULQJ
SLFWXUH
FZm^kbZel
M^Z\a^k
‡ 6KDSHERRN
‡ 6HWRI.$EORFNV
Lmn]^gm
‡ 6HWRI.$EORFNV
$VDFODVVUHDGDQHZVKDSHERRNRUDQROGIDYRULWH6HHWKHOLWHUDWXUHOLVWIRUVHOHFWLRQV
'LVSOD\DVHWRI.$EORFNVDQGGUDZWZRVWULQJVRQWKHERDUGODEHOHGDVLQWKHLOOXVWUDWLRQEHORZ
7
7KHUHGVWULQJLVIRUDOOWKHUHGSLHFHV
7KHEOXHVWULQJLVIRUDOOWKHWULDQJOHV
+ROGXSDWULDQJOHWKDWLVQRWUHG
7
:KHUHVKRXOG,SXWWKLV"
&DOORQDVWXGHQWWRSODFHWKHSLHFHLQWKHSLFWXUH
&RQWLQXHE\OHWWLQJVWXGHQWVWDNHWXUQVVHOHFWLQJDSLHFHIURPWKHVHWRI.$EORFNVDQGSODFLQJLWLQ
WKHVWULQJSLFWXUH
7KHIROORZLQJGLDJUDPGHVFULEHVZKHUHSLHFHVVKRXOGEHSODFHG
5HG
5HGSLHFHVWKDWDUH
QRWWULDQJOHV
5HG
WULDQJOHV
7ULDQJOHVWKDWDUH
QRWUHG
3LHFHVWKDWDUHQHLWKHU
UHGQRUWULDQJOHV
:KHQVWXGHQWVKDYHGLIÀFXOW\ÀQGLQJWKHFRUUHFWORFDWLRQIRUDSLHFHÀUVWPDNHVXUHWKH\XQGHUVWDQG
ZKDWHDFKVWULQJLVIRU(YHQLIWKLVLVQRWDSUREOHPPLVWDNHVFDQRFFXU2QHRIWKHPRVWFRPPRQLV
WRPLVSODFHSLHFHVWKDWEHORQJLQVLGHERWKVWULQJVLQWKLVFDVHWKHUHGWULDQJOHV,IDVWXGHQWVHOHFWV
DUHGWULDQJOHIRUH[DPSOHDQGGRHVQRWSODFHLWLQWKHPLGGOHUHJLRQ\RXUFRQYHUVDWLRQPLJKWEH
VLPLODUWRWKHIROORZLQJ
7
:KDWFRORULV\RXUSLHFH"
-&+/0
D*++
6
5HG
7
6RLWEHORQJVLQWKHUHGVWULQJ0DNHDJUDQGPRWLRQZLWK\RXKDQGHQFRPSDVVLQJWKHHQWLUH
DUHDLQVLGHWKHUHGVWULQJ:KDWVKDSHLV\RXUSLHFH"
6
$WULDQJOH
7
6RLWEHORQJVLQWKHEOXHVWULQJ0DNHDPRWLRQZLWK\RXUKDQGHQFRPSDVVLQJWKHHQWLUH
DUHDLQVLGHWKHEOXHVWULQJ
5HSHDWWKHVHPRWLRQVDV\RXVD\
7
<RXUSLHFHEHORQJVLQWKHUHGVWULQJEHFDXVHLWLVUHGDQGLWDOVREHORQJVLQWKHEOXHVWULQJ
EHFDXVHLWLVDWULDQJOH
%\QRZVRPHRQHZLOOPRVWOLNHO\NQRZZKHUHWRSODFHWKHUHGWULDQJOH
'LVWULEXWHVHWVRI.$EORFNVWRWKHVWXGHQWVDQGUHPRYHWKH.$EORFNVIURPWKHSLFWXUH
5HPLQGWKHVWXGHQWVWKDWWKHUHGVWULQJLVIRUUHGSLHFHVDQGWKHEOXHVWULQJLVIRUWULDQJOHV
7
,DPJRLQJWRSRLQWWRDSODFHLQWKLVVWULQJSLFWXUH,I\RXKDYHDSLHFHWKDWZHFRXOGSXW
WKHUHKROGLWXS
'RWKLVDQGZDLWXQWLOHYHU\RQHLVKROGLQJXSDFRUUHFWSLHFH7KHSUHYLRXVLOOXVWUDWLRQGHVFULEHV
ZKHUHSLHFHVFDQEHSODFHG
7
&DQ\RXÀQGDQRWKHUSLHFHWKDWFRXOGEHKHUH"«$QGDQRWKHU"
,QDFHQWHUSODFHWZRVWULQJORRSVDVHWRI.$EORFNVSDSHUDQGFUD\RQV,QVWUXFWVWXGHQWVWR
XVHWZRVWULQJVWRFUHDWHWKHLURZQVWULQJSUREOHPDQGWKHQWRSODFH.$EORFNSLHFHVLQFRUUHFW
ORFDWLRQV<RXPD\OLNHWRDVNVWXGHQWVWRUHFRUGDVWULQJSLFWXUHLQWKHLUPDWKMRXUQDOV
-&+/1
D*+,
D*+,GNF;>K?:<ML
<Zilne^E^llhgLnffZkr
,QWURGXFHVRPHDGGLWLRQDQGVXEWUDFWLRQIDFWVZKLOHWHOOLQJDVWRU\DERXWDYLVLWWR
WKH]RR
FZm^kbZel
M^Z\a^k
‡ 0DJQHWLFFKHFNHUV
Lmn]^gm
‡ &RXQWHUV
%HJLQWKHOHVVRQZLWKDGLVFXVVLRQRIZKDWDQLPDOV\RXPLJKWVHHDWWKH]RR
7
/DVWZHHN$UODQDQGKLVVLVWHUZHQWWRWKH]RR7KH\VDZORWVRIGLIIHUHQWNLQGVRIDQLPDOV
EXWWKH\OLNHGZDWFKLQJWKHGHHUWKHPRVW7KH\VSHQWDORQJWLPHDWWKHGHHUH[KLELW:KHQ
WKH\ÀUVWJRWWRWKHH[KLELWWKHUHZHUHHLJKWGHHURXVLGH
3ODFHFKHFNHUVRUGUDZGRWVRQWKHERDUGDV\RXVD\
7
7KHVHFKHFNHUVGRWVDUHIRUWKHHLJKWGHHURXWVLGH
$VNVWXGHQWVWRFKHFNWKDWWKHUHDUHHLJKWE\FRXQWLQJDQGWR
SRLQWWRRQWKHLUGHVNWRSQXPEHUOLQHVZKLOH\RXZULWHRQ
WKHERDUG
7
$IWHUDZKLOH$UODQVDZWZRRIWKHGHHUJRLQWRWKHLU
VKHG+RZPDQ\GHHUZHUHOHIWRXWVLGH"
6
6L[
,QYLWHDVWXGHQWWRWDNHDZD\WZRFKHFNHUVRUHUDVHWZRGRWV
ZKLOH\RXZULWHDQGUHDGWKHQXPEHUIDFWRQWKHERDUG
7
6
$VKRUWWLPHODWHUWKHVDPHWZRGHHUFDPHRXWRIWKH
VKHGDQGMRLQHGWKHRWKHUGHHURXWVLGH+RZPDQ\
GHHUDUHWKHUHRXWVLGHQRZ"
n
(LJKW
,QYLWHDVWXGHQWWRSXWWZRFKHFNHUVEDFNRQWKHERDUGRUGUDZ
WZRPRUHGRWVDV\RXZULWHDQGUHDGWKHFRUUHVSRQGLQJQXPEHU
IDFW
7
+RZPDQ\GHHUDUHWKHUHDOWRJHWKHUQRZ"
6
(LJKW
-&+/2
D*+,
7
6RRQDQRWKHUÀYHGHHUZHQWLQWRWKHVKHG
7KHQKRZPDQ\GHHUZHUHOHIWRXWVLGH"
6
7KUHH
,QYLWHDVWXGHQWWRWDNHDZD\ÀYHFKHFNHUVRUHUDVHÀYHGRWV
ZKLOH\RXZULWHDQGUHDGWKHFRUUHVSRQGLQJQXPEHUIDFW
n
&RQWLQXHWKHVWRU\GHSHQGLQJRQ\RXUVWXGHQWV·DELOLWLHVDQGLQWHUHVW<RXPD\OLNHWRSURYLGH
VWXGHQWVZLWKFRXQWHUVWRXVHZKLOH\RXFRQWLQXHWKHVWRU\
Ghm^35HSHDWWKLVOHVVRQDVRIWHQDV\RXOLNHZLWKRWKHUVWRULHVDQGQXPEHUIDFWV
6XJJHVWVWXGHQWVGUDZGRWSLFWXUHVIRUDGGLWLRQRUVXEWUDFWLRQIDFWVRIWKHLUFKRLFHLQWKHLUPDWK
MRXUQDOV
-&+0)
D*+-
D*+-FBKKHKLRFF>MKR*
<Zilne^E^llhgLnffZkr
,QWURGXFHV\PPHWU\LQIRUPDOO\E\XVLQJDPLUURUDQGREVHUYLQJKRZWKHPLUURULPDJH
IROORZVWKHSHUVRQVWDQGLQJLQIURQWRIWKHPLUURU
FZm^kbZel
M^Z\a^k
‡ )XOOOHQJWKPLUURU
Lmn]^gm
‡ 1RQH
>q^k\bl^*
&KRRVHRQHVWXGHQWWRVWDQGLQIURQWRIDIXOOOHQJWKPLUURUDQGSRVLWLRQWKHRWKHUVVRWKDWWKH\FDQ
VHHDWOHDVWSDUWRIWKHVWXGHQW·VLPDJHLQWKHPLUURU
7
/RRNDW%\URQLQWKHPLUURU'R\RXNQRZZKDWZHFDOOWKH´RWKHUSHUVRQµZHVHHLQWKH
PLUURU"
/HWVWXGHQWVWDONDERXWZKDWWKH\VHHLQWKHPLUURUDQGLQWURGXFHWKHWHUPVLPDJHDQGUHÁHFWLRQ
$VNWKHVWXGHQWLQIURQWRIWKHPLUURUWRPRYHWKHDUPWKDWLVQHDUHVWWKHFKDONERDUGRUVRPHRWKHU
VSHFLÀFREMHFWLQWKHFODVVURRP<RXZLOOZDQWWRDYRLGWKHZRUGVOHIWDQGULJKWVLQFHWKH\WHQGWR
FRQIXVHPRUHWKDQFODULI\ZKDWKDSSHQVZLWKWKHPLUURULPDJH
7
:KDWGRHVWKHLPDJHGR"
6
,WDOVRUDLVHVWKHDUPQHDUHVWWKHFKDONERDUG
'LUHFWWKHVWXGHQWDWWKHPLUURUWRWU\RWKHUPRWLRQVHDFKWLPHXVLQJVSHFLÀFREMHFWVDVUHIHUHQFH
SRLQWV
7
0RYH\RXUKHDGWRZDUGWKHGRRU:KDWGRHVWKHLPDJHGR"
/HWWKHFODVVPDNHREVHUYDWLRQVDQGGLVFXVVWKHP
,QFOXGHVRPHLQVWUXFWLRQVVXFKDVWKHIROORZLQJ
7
7DNHRQHVWHSWRZDUGWKHPLUURU:KDWGRHVWKHLPDJHGR"
6
,WWDNHVRQHVWHS
6
,WPRYHVWRZDUGWKHPLUURU
7
1RZVWHSDZD\IURPWKHPLUURU:KDWGRHVWKHLPDJHGR"
6
,WDOVRPRYHVDZD\
-&+0*
D*+>q^k\bl^+3Ma^Fbkkhk@Zf^
7KLVDFWLYLW\VKRXOGLPPHGLDWHO\IROORZWKHRQHDERYH$VNWKHVWXGHQWVWRIDFHHDFKRWKHULQSDLUV
2QHVWXGHQWLQHDFKSDLULVWRDFWDVWKHSHUVRQLQIURQWRIWKHPLUURUDQGWKHRWKHULVWRDFWDVWKH
LPDJHLQWKHPLUURU$IWHUDZKLOHOHWWKHVWXGHQWVVZLWFKUROHVVRWKDWHYHU\RQHJHWVDFKDQFHWREH
DQLPDJH)RUH[DPSOHLIWKHÀUVWVWXGHQWUDLVHVKLVRUKHUULJKWDUPWKHLPDJHPXVWUDLVHKLVRUKHU
OHIWDUP$JDLQKRZHYHUDYRLGWKHXVHRIWKHWHUPVOHIWDQGULJKWLQWKLVDFWLYLW\
/HWWKHVWXGHQWVZKRDUHDFWLQJDVWKHSHUVRQLQIURQWRIWKHPLUURUPDNHZKDWHYHUPRYHPHQWVWKH\
OLNH
,IDQ\LPDJHVDSSHDUWREHFRQIXVHGWDNHWKHPXSWRWKHPLUURURQHDWDWLPH$VNWKHPWRPRYHDQ
DUPRUDOHJDQGWRREVHUYHZKDWWKHLUPLUURULPDJHGRHV7KHQOHWWKHPUHWXUQWRWKHLUSDUWQHUV
-&+0+
D*+.
D*+.MA>GNF;>KLLI>:D
<Zilne^E^llhgLnffZkr
5HYLHZWKHUHODWLRQVPRUHWKDQDQGOHVVWKDQ,QYHVWLJDWHWKHLVOHVVWKDQUHODWLRQLQDQ
DUURZSLFWXUH
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
>q^k\bl^*
7HOO\RXUFODVVWKDW\RXDUHJRLQJWRSOD\DJDPHDQGWKDWWKH\VKRXOGQRWDQVZHUXQOHVV\RXSRLQWWR
WKHP%HORZLVDVDPSOHGLDORJXH
7
LVOHVVWKDQ«
6
LVOHVVWKDQ«
LVOHVVWKDQ«
LVOHVVWKDQ«
LVOHVVWKDQ«
LVOHVVWKDQ«
LVOHVVWKDQ«
LVOHVVWKDQ«
,I\RXUVWXGHQWVEHJLQWRJLYHFRQVHFXWLYHQXPEHUV\RXPLJKWVXJJHVWDVNLSWRHQFRXUDJHWKHPQRW
WRUHVWULFWWKHLUWKLQNLQJ:KHQ\RXWKLQNWKHQXPEHUVDUHJHWWLQJWRRELJFKDQJHWRDQLVPRUHWKDQ
JDPH
7
1RZOLVWHQFDUHIXOO\
LVPRUHWKDQ«
LVPRUHWKDQ«
LVPRUHWKDQ«
LVPRUHWKDQ«
LVPRUHWKDQ«
6
&RQWLQXHWKLVDFWLYLW\IRUVHYHUDOPLQXWHV5HIHUVWXGHQWVWRWKHQXPEHUOLQHLIWKH\KDYHGLIÀFXOW\
>q^k\bl^+
ISLESSTHAN
'UDZDQGODEHOIRXUGRWVRQWKHERDUGDV\RXWHOOWKLVVWRU\
7
2QHGD\WKHQXPEHUVDQGPHWRQWKHZD\
WRVFKRRO7KHQXPEHUORRNHGDWDQGVDLG«
6WRSDQGDVNWKHFODVVZKDWPLJKWVD\WR
7
&RXOGLWVD\´,DPOHVVWKDQ\RXµRU´,DPPRUH
WKDQ\RXµ"
-&+0,
D*+.
6
´,DPOHVVWKDQ\RXµ
'UDZDNH\DUURZIRULVOHVVWKDQDQGWKHDUURZVKRZLQJLVOHVVWKDQ
7UDFHWKHDUURZDV\RXVD\´LVOHVVWKDQµ
7
&RXOGVD\´,DPOHVVWKDQ\RXµWRWKH
RWKHUQXPEHUV"
6
<HVLVOHVVWKDQDQGLVOHVVWKDQ
7
,QYLWHVWXGHQWVWRWUDFHDQGWKHQ\RXGUDZDUURZVIURP
WRDQGIURPWR
ISLESSTHAN
&DQZHGUDZDQ\PRUHUHGDUURZV"<HV
:KRFDQVKRZXVZKHUHWRGUDZDUHGDUURZ
IURPVRPHQXPEHUWKDWVD\V´,DPOHVVWKDQ
\RXµWRDQRWKHUQXPEHU"
&DOORQDYROXQWHHUWRWUDFHDQDUURZ,ILWLVWUDFHGFRUUHFWO\GUDZLW\RXUVHOI$IWHUWKHDUURZKDV
EHHQGUDZQWUDFHLWVD\LQJIRUH[DPSOH´LVOHVVWKDQµ
&RQWLQXHDOORZLQJVWXGHQWVWRWUDFHLVOHVVWKDQDUURZV$IWHUHDFKDUURZKDVEHHQGUDZQWUDFHLW
DJDLQDQGH[SODLQZKDWLWPHDQVRUDVNDVWXGHQWWRH[SODLQ
,IDVWXGHQWVXJJHVWVDQLQFRUUHFWDUURZWUDFHWKHVXJJHVWHGDUURZDQGVD\IRUH[DPSOH´LVOHVV
WKDQµ7KLVZLOOSUREDEO\FDXVH\RXUFODVVWRSURWHVWDQGFRUUHFWWKHHUURU,IDVWXGHQWWUDFHVDQ
DUURZFRUUHFWO\EXWKDVGLIÀFXOW\ZLWKWKHGLUHFWLRQ\RXPD\ZLVKWRWUDFHWKHDUURZKHDGIRUWKH
VWXGHQWRUHYHQGUDZWKHDUURZOLJKWO\RQWKHERDUG
7
&RQWLQXHXQWLODOOWKHDUURZVKDYHEHHQGUDZQ
ISLESSTHAN
:KLFKQXPEHUVSHDNVWRDOOWKHRWKHUQXPEHUV"
:KLFKQXPEHUFDQQRWVSHDNWRDQ\
RWKHUQXPEHUKHUH"
+RZPDQ\QXPEHUVGRHVVSHDNWR"7ZR
([HUFLVHFDQEHDGDSWHGWRSUDFWLFHPHQWDOPHDVXUHPHQW)RUH[DPSOHSOD\WKHJDPHE\ORRNLQJ
DURXQGWKHURRPDQGFRPSDULQJOHQJWKRUPDVVPHDVXUHV
7
-&+0-
0\GHVNLVORQJHUWKDQ«
7KLVERRNLVORQJHUWKDQ«
$SHQFLOLVORQJHUWKDQ«
6
6
6
7KLVERRN
$SHQFLO
$QHUDVHU
D*+/
D*+/GNF>K:E<A:KM;BG@H
<Zilne^E^llhgLnffZkr
,QWURGXFHDVLPSOLÀHG%LQJRJDPHXVLQJWKH²QXPHUDOFKDUW%\IRFXVLQJRQ
FROXPQVLQWKHFKDUWEHJLQH[SHULHQFHZLWKFRXQWLQJE\WHQV
FZm^kbZel
M^Z\a^k
‡ ²QXPHUDOFKDUW
‡ 1XPHUDOFDUGV²
‡ 0DJQHWLFFKHFNHUVRUSDSHU
VTXDUHV
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3%HIRUHSOD\LQJWKHJDPHIROGWKH²QXPHUDOFKDUWLQKDOIVRRQO\²
VKRZV7KHQPRXQWLWDWWKHIURQWRIWKHFODVV,I\RXDWWDFKLWWRDPDJQHWLFERDUG\RXZLOOEHDEOHWRXVH
PDJQHWLFFKHFNHUVWRFRYHUQXPEHUVDVWKH\DUHFDOOHG2WKHUZLVHXVHSDSHUVTXDUHVWKDW\RXFDQWDSHWR
WKHFKDUW&603SURYLGHVGHPRQVWUDWLRQQXPHUDOFDUGVZKLFKFRYHUWKHUDQJH²VRIRUWKLVDFWLYLW\\RX
ZLOOQHHGWRPDNHDGGLWLRQDOQXPHUDOFDUGVIRU²<RXPD\SUHIHUWRPDNHDQHZVHWRIQXPHUDOFDUGV
²XVLQJLQGH[FDUGV
Ghm^3%HIRUHWKLVOHVVRQLQWURGXFHVWXGHQWVWRVRPHYHUVLRQRI%LQJRVXFKDVWKDWLQ/HVVRQ.
RUDFRPPHUFLDOJDPH
5HIHUWRWKHQXPHUDOFKDUWRQZKLFK\RXKDYHKLJKOLJKWHGWKHQXPEHUVWR
7
:HDUHJRLQJWRSOD\D%LQJRJDPHZLWKRXUQXPHUDOFKDUW7KHFKDUWLVOLNHDJLDQW%LQJR
FDUGDQGDOORIXVZLOOXVHLW
'LYLGHWKHFODVVLQWRWHQWHDPVPRVWOLNHO\SDLUVJLYLQJHDFKWHDPDQXPHUDOFDUGIURP²7KH
UHVWRIWKHQXPHUDOFDUGV²ZLOOVHUYHDVDGHFNGXULQJWKHJDPH
7
7KLVLV\RXUWHDPQXPEHU,I\RXORRNDWWKHFKDUW\RXZLOOVHHIRXUQXPEHUVLQWKH
FROXPQXQGHUQHDWK\RXUWHDPQXPEHU7KHVHIRXUQXPEHUVDUHIRU\RXUWHDP/LNH
%LQJRWKHWHDPWKDWJHWVDOOLWVQXPEHUVFRYHUHGÀUVWZLQV
6KXIÁHWKHQXPHUDOFDUGV²WRXVHDVDGHFN7XUQRYHUWKHWRSFDUGLQWKHGHFNDQGVKRZWKH
FODVV/HWVWXGHQWVLGHQWLI\ZKLFKWHDPKDVWKLVQXPEHUDQGWKHQDVNRQHRIWKHPHPEHUVRIWKDW
WHDPWRORFDWHWKHQXPEHULQWKHFKDUWDQGFRYHULW
-&+0.
D*+/
)RUH[DPSOHLI\RXKROGXSWKHGLDORJXHPLJKWEHVRPHWKLQJOLNHWKLV
7
:KLFKWHDPKDVWKLVQXPEHU"
6
7HDP
$VNRQHPHPEHURI7HDPWRÀQGDQGFRYHURQWKHQXPHUDOFKDUW
&RQWLQXHLQWKLVZD\XQWLORQHWHDPKDVDOOLWVQXPEHUVFRYHUHG%LQJR
5HSHDWWKHJDPHVHYHUDOWLPHVGHSHQGLQJRQWKHLQWHUHVWRIWKHFODVV
-&+0/
D*+0
D*+0<:E<NE :MHK:==BMBHG
<Zilne^E^llhgLnffZkr
/RFDWHDQGQDPHWKHRSHUDWLRQNH\VRIDFDOFXODWRU/HDUQKRZWRXVHWKHCONH\LQ
VROYLQJSUREOHPV
FZm^kbZel
M^Z\a^k
‡ 2YHUKHDGFDOFXODWRU
‡ &RXQWHUVEHWZHHQDQGLQ
DFRQWDLQHU
‡ 3HQQLHVRSWLRQDO
Lmn]^gm
‡ &DOFXODWRU
‡ &RXQWHUV
'LVSOD\WKHRYHUKHDGFDOFXODWRU&RQGXFWDTXLFNUHYLHZRIWKHFDOFXODWRUORFDWLRQRINH\VKRZWR
WXUQRQWKHFDOFXODWRUKRZWRFOHDUWKHGLVSOD\DQGVRRQ
7
7RGD\ZHDUHJRLQJWRXVHWKHFDOFXODWRUWRKHOSXVVROYHSUREOHPV
>q^k\bl^*
6KRZWKHFODVV\RXUFRQWDLQHUZLWKFRXQWHUV
7
7KLVFRQWDLQHUKDVTXLWHDORWRIFRXQWHUVLQLW'R\RXKDYHDQLGHDDERXWKRZPDQ\"
$OORZVWXGHQWVWRPDNHVRPHJXHVVHV
7
+RZFRXOGZHÀQGRXWH[DFWO\KRZPDQ\"
6
&RXQWWKHP
7
/HW·VWU\WRVKDUHWKHMRERIFRXQWLQJVRWKDWQRRQHKDVWRFRXQWDOORIWKHFRXQWHUV
'LYLGHWKHFODVVLQWRIRXUWRVL[JURXSVRIVWXGHQWVZLWKDERXWIRXUVWXGHQWVSHUJURXS*LYHHDFK
JURXSDKDQGIXORIFRXQWHUVOHVVWKDQDQGDVNHDFKJURXSWRFRXQWMXVWWKHLUFRXQWHUV*URXS
PHPEHUVVKRXOGHDFKFRXQWWKHFRXQWHUVDQGFKHFNHDFKRWKHUDVDJURXSWKH\VKRXOGDJUHHRQKRZ
PDQ\FRXQWHUVWKH\KDYH
7
(DFKJURXSZLOOWHOOXVKRZPDQ\FRXQWHUVWKH\KDYH$VWKH\SXWWKHLUFRXQWHUVEDFNLQWR
WKHFRQWDLQHUZHZLOOSXWWKHQXPEHURQWKHFDOFXODWRU:KDWNH\VKRXOGZHSUHVVWRWHOO
WKHFDOFXODWRUWRDGGWKDWQXPEHURIFRXQWHUVWRZKDW·VLQWKHER[DOUHDG\"
6
O
&DUU\RXWWKHSURFHVV6WDUWZLWKQRWKLQJLQWKHFRQWDLQHUDQGRQWKHFDOFXODWRUGLVSOD\$VHDFK
JURXSSXWVLWVFRXQWHUVLQWRWKHFRQWDLQHUDQGVD\VKRZPDQ\WKHUHDUHIRUH[DPSOHSUHVVWKH
DSSURSULDWHNH\VOCDCF$IWHUWKHODVWJURXSSXWVLQLWVFRXQWHUVEHVXUHWRSUHVVSDQGVD\ZKDW
WKHWRWDOFRXQWLV&RPSDUHWKHWRWDOZLWKSUHYLRXVHVWLPDWHV
-&+00
D*+0
>q^k\bl^+
8VHFRXQWHUVRUSHQQLHVWRPRGHODQRWKHUDGGLWLRQSUREOHP<RXPD\OLNHWRLQYLWHVWXGHQWVWRFUHDWH
WKHSLOHVZLWKFRXQWHUVRUSHQQLHVLQWKHSUREOHP
7
/HW·VKDYHWKHFDOFXODWRUKHOSXVVROYHDQRWKHUSUREOHP6XSSRVH,KDYHSHQQLHVLQRQH
SLOHDQGLQDQRWKHUSLOH7KHQ,SXVKWKHWZRSLOHVWRJHWKHU+RZPDQ\SHQQLHVGR,
KDYHDOWRJHWKHULQWKLVELJJHUSLOH"
:ULWHRQWKHFKDONERDUGDQGLQYLWHVWXGHQWVWRH[SODLQKRZWRXVHWKHFDOFXODWRUWRÀQG
'LVWULEXWHFDOFXODWRUVDQGFRXQWHUVWRVWXGHQWVDQGLQYLWHWKHPWRPDNHXSSUREOHPVWRVROYHRQWKHLU
FDOFXODWRUV
6RPHVWXGHQWVZLOOZDQWWRXVHWKLVWLPHIRUIUHHSOD\ZLWKWKHFDOFXODWRU2WKHUVPD\SRVHSUREOHPV
WKH\FDQVKDUHZLWKWKHFODVVRUZLWK\RX
,QJURXSVOHWRQHVWXGHQWSRVHDQDGGLWLRQSUREOHPDQGDQRWKHUVWXGHQWXVHWKHFDOFXODWRUWRVROYH
WKHSUREOHP,QVWUXFWVWXGHQWVWRUHFRUGSUREOHPVLQWKHLUPDWKMRXUQDOV
-&+01
D*+1
D*+1I>M@K:IA
<Zilne^E^llhgLnffZkr
0DNHDJUDSKEDVHGRQLQIRUPDWLRQDERXWSHWV
FZm^kbZel
M^Z\a^k
‡ (DUO\LQWKH0RUQLQJE\1DQF\
7DWXUL3HW6KRZE\(]UD.HDWV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
Lmn]^gm
‡ 1RQH
5HDG(DUO\LQWKH0RUQLQJE\1DQF\7DWXUL3HW6KRZE\(]UD.HDWVRUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW6WDUWWKHOHVVRQE\EULHÁ\GLVFXVVLQJ\RXUVWXGHQWV·SHWV:KHQ\RXIHHOWKDWWKHVFHQH
KDVEHHQVHWFRQWLQXHDVIROORZVDGMXVWLQJWKHGLDORJXHWRÀW\RXUFODVV
7
,WVHHPVWRPHWKDWVHYHUDORI\RXKDYHFDWVGRJVDQGJHUELOV/HW·VLPDJLQHWKDWZHDOO
EURXJKWRXUSHWVWRVFKRRORQHGD\,ZRQGHULIWKHUHZRXOGEHPRUHGRJVPRUHFDWVRU
PRUHRIVRPHWKLQJHOVH+RZFRXOGZHÀQGRXW"
$FFHSWYDULRXVVHQVLEOHLGHDVIRUH[DPSOH
‡ $VNDOOWKRVHZKRKDYHDGRJWRUDLVHWKHLUKDQGWKHQFRXQWWKHKDQGV'RWKHVDPHIRU
WKRVHZKRKDYHFDWVDQGVRRQ
‡ /LQHXSDOOWKHSHRSOHZKRKDYHDGRJ'RWKHVDPHIRUDOOWKRVHZKRKDYHDFDWDQGVRRQ
6HHZKLFKOLQHLVORQJHU,IDVWXGHQWKDVERWKDGRJDQGDFDWWKLVPLJKWQRWZRUNVRZHOO
EXWLIVRPHRQHVXJJHVWVLWWU\LW
‡ 0DNHDJUDSK,IQRRQHVXJJHVWVWKLVGRVR\RXUVHOI
%HORZDUHWZRSRVVLEOHZD\VWRVHWXSDJUDSK
/LVWDOOWKHNLQGVRISHWVRZQHGE\DWOHDVW
RQHRI\RXUVWXGHQWVDQGVHWXSDJUDSK
VLPLODUWRWKLVRQH
FDW
GRJ
JHUELO
ILVK
VQDNH
DQG
VRRQ
/LVWRQO\WKHWZRRUWKUHHPRVWSRSXODU
SHWVKHUHIRUH[DPSOHWKH\DUHFDWV
GRJVDQGJHUELOV/XPSDOORWKHUSHWV
WRJHWKHULQWRWKHFDWHJRU\´RWKHUVµ
FDW
GRJ
JHUELO
RWKHUV
-&+02
D*+1
,QHLWKHUW\SHRIJUDSKGLUHFWVWXGHQWVWRPDUNDQ[RUZULWHDQDPHLQWKHER[IRUHDFKSHWWKH\RZQ
6LQFH\RXDUHWU\LQJWRÀQGRXWZKLFKNLQGRIDQLPDOZRXOGKDYHWKHVWURQJHVWUHSUHVHQWDWLRQLIDOO
\RXUVWXGHQWVEURXJKWWKHLUSHWVWRFODVVDVWXGHQWZKRKDVWKUHHFDWVVKRXOGÀOOLQWKUHHER[HVLQWKH
FDWURZEXWWZLQVZKRKDYHRQHGRJEHWZHHQWKHPVKRXOGQRWUHFRUGLWWZLFH
$FRPSOHWHGJUDSKPLJKWORRNOLNHWKHIROORZLQJ
FDW
GRJ
JHUELO
ILVK
VQDNH
$VNYDULRXVTXHVWLRQVDERXWWKHJUDSK)RUH[DPSOH
7
,IDOORXUSHWVZHUHEURXJKWWRFODVVZKLFKDQLPDOZRXOGWKHUHEHWKHPRVWRI"'RJV
+RZPDQ\PRUHGRJVZRXOGWKHUHEHWKDQFDWV"7KUHH
:KLFKZRXOGWKHUHEHIHZHURIJHUELOVRUFDWV")HZHUJHUELOVWKDQFDWV
+RZPDQ\IHZHUJHUELOVWKDQFDWV"7ZR
$WVRPHSRLQWDVN
7
,IVRPHRQHZDONHGLQWRRXUFODVVURRPZKDWFRXOGWKDWSHUVRQÀQGRXWMXVWE\ORRNLQJDW
WKHJUDSK"
7KLVTXHVWLRQKDVPDQ\SRVVLEOHUHVSRQVHV/HWVWXGHQWVJLYHWKHLULGHDV
7KHSHUVRQFRXOGIRUH[DPSOHÀQGRXWWKDWQRRQHLQWKHFODVVKDVDSHWSDUDNHHWRUSHUKDSVWKDW
NLQGRISHWZDVQRWFRQVLGHUHG+HRUVKHFRXOGDOVRÀQGRXWWKDWDPRQJ\RXUVWXGHQWV·SHWVWKHUH
DUHVL[FDWV:KDWLVQRWFOHDUIURPWKHJUDSKLVIRUH[DPSOHKRZPDQ\RI\RXUVWXGHQWVRZQDFDW
,WPLJKWEHWKDWDOOVL[FDWVEHORQJWRRQHVWXGHQWZKRLVDQDUGHQWFDWORYHU
-&+1)
D*+2
D*+2:<HNGMBG@LG:D>
<Zilne^E^llhgLnffZkr
&RXQWLQJE\RQHVIRUPDKXPDQFRXQWLQJVQDNHWKHQODEHOWKHGRWVLQDVLPLODUVQDNH
OLNHDUURZSLFWXUH8VHWKHDUURZSLFWXUHWRLQWURGXFHWKHUHODWLRQDQGSUDFWLFHZULWLQJ
QXPEHUVLQFRXQWLQJRUGHU
FZm^kbZel
M^Z\a^k
Lmn]^gm
‡ &KDON
‡ LV2QHE\7DVKD7XGRURUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
‡ 1XPHUDOFDUGV²QRRIVWXGHQWV
LQFODVV
‡ 1RQH
>q^k\bl^*
5HDGLV2QHE\7DVKD7XGRURUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
'UDZDORQJVQDNHOLNHFXUYHRQWKHÁRRURUEODFNWRS&KDONZLOOZRUNQLFHO\RQFDUSHWRURXWVLGH
<RXPD\QHHGWRLPSURYLVHRQRWKHUVXUIDFHV
7
:HDUHJRLQJWRPDNHDKXPDQVQDNH
'LVWULEXWHQXPHUDOFDUGVIURPWRWKHQXPEHURIVWXGHQWVLQWKHFODVVLQUDQGRPIDVKLRQVRWKDWHDFK
VWXGHQWKDVDFDUG
7
:KRKDVWKHQXPEHU"
6
,GR
7
2ND\QXPEHU\RXDUHDWWKHEHJLQQLQJRIRXUVQDNH
7
:KRVKRXOGEHLQIURQWRI\RX"
6
7ZR
7
1XPEHUFRPHRQXS
3RVLWLRQWKHQXPEHUVWXGHQWLQIURQWRIQXPEHURQWKHFXUYHLIKHRUVKHGRHVQRWJRWKHUH
VSRQWDQHRXVO\
&RQWLQXHLQWKLVPDQQHUXQWLODOOVWXGHQWVKDYHWKHLUSRVLWLRQV'LUHFWWKHVWXGHQWVWRFRXQWIRUZDUG
E\RQHVIURPWKHEHJLQQLQJRIWKHVQDNHDQGWKHQEDFNZDUGIURPWKHHQGRIWKHVQDNH<RXPD\OLNH
WROHWWKHVQDNHPRYHDURXQGWKHFODVVURRP
-&+1*
D*+2
>q^k\bl^,
7HOOWKHVWXGHQWV\RXDUHJRLQJWRGUDZDSLFWXUHRIWKLVVQDNH7KHQGUDZDQDUURZSLFWXUH
;
7
7KLVLVDFRXQWLQJVQDNHOLNH\RX7KHGRWVDUHIRUWKHQXPEHUV\RXKROG
3RLQWWRWKHEHJLQQLQJGRWDQGORRNDWWKHVWXGHQWDWWKHEHJLQQLQJRIWKHVQDNH
7
:KDWQXPEHUGR\RXKDYH"
/DEHOWKHÀUVWGRW
7
:KHQZHFRXQWE\RQHVZKDWQXPEHUFRPHVULJKWDIWHU"
&RQWLQXHLQWKLVZD\ODEHOLQJWKHGRWVDV\RXGR<RXPD\OLNHWRFROOHFWWKHQXPHUDOFDUGVIURPWKH
VWXGHQWVDV\RXDVNIRUWKHQXPEHUVLQRUGHUDQGODEHOWKHGRWV
;
'LUHFWWKHVWXGHQWVWRWHDFKDFDOFXODWRUWRFRXQWE\RQHVVWDUWLQJDW7KHQIROORZWKHFRXQWLQJ
VQDNHZLWKWKHFRXQWLQJFDOFXODWRU<RXPD\REVHUYHWKDWWKHDUURZVLQWKHFRXQWLQJVQDNHDUHIRU
&RXQWLQJE\RQHVVXJJHVWVWXGHQWVZULWHWKHQXPEHUVLQRUGHUVWDUWLQJDWLQWKHLUPDWKMRXUQDOV
/HWVWXGHQWVZULWHQXPEHUVDVIDUDVWKH\OLNH
-&+1+
D*,):=CNLMF>GM(:LL>LLF>GM=:R
D*,)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHQXPEHUVLQWKHOHVVRQ7RFRQWLQXHZRUNLQJRQQXPEHUIDFWVDQGUHFRJQLWLRQ\RXPD\OLNHWR
UHSHDW/HVVRQV.DQG.7KLVZRXOGDOVREHDJRRGWLPHWROHWVWXGHQWVZRUNLQDFHQWHURU
RQDSURMHFWRI\RXUFKRLFH
7KHIROORZLQJDFWLYLW\SURYLGHVDGGLWLRQDOH[SHULHQFHZLWKLGHDVRIV\PPHWU\
Lrff^mkb\=^lb`gl
'LUHFWVWXGHQWVWRPDNHV\PPHWULFGHVLJQVIROORZLQJWKHVHVWHSV
)ROGDSLHFHRIXQOLQHGSDSHULQKDOIDQGWKHQ
XQIROGLW
8VHSDLQWWRPDNHDGHVLJQRQRQHVLGHRIWKHSDSHU
:KLOHWKHSDLQWLVVWLOOZHWIROGWKHSDSHUDJDLQDQG
SUHVVWRJHWKHU
2SHQWKHSDSHUWRVHHDV\PPHWULFGHVLJQ
Ghm^3)RUVWHSDERYHVWXGHQWVFDQXVHÀQJHUSDLQWDQGPDNHDKDQGSULQWDVVKRZQLQWKH
LOOXVWUDWLRQV$UXEEHUVWDPSZLWKDVWDPSSDGFDQDOVREHXVHG,QWKLVFDVHWKHVWDPSSDGVKRXOG
EHZHOOLQNHGDQGVWXGHQWVVKRXOGEHTXLFNWRIROGWKHSDSHUDQGSUHVVKDUG
/HWWKHVWXGHQWVVKDUHVRPHRIWKHLUV\PPHWULFGHVLJQVDQGDVNWKHFODVVZKDWWKH\QRWLFH,QWKHFDVH
RIKDQGSULQWVWKH\PD\QRWLFHWKDWRQHVLGHORRNVOLNHWKHOHIWKDQGDQGWKHRWKHUDPDWFKLQJULJKW
KDQG
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRQRWHVWXGHQWV·XQGHUVWDQGLQJRIV\PPHWU\
-&+1,
D*,)
$PRQJWKHQH[WQLQHOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOVQRW
LQFOXGHGZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQ
SUHSDULQJIRUWKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVW
SDJHRIHDFKOHVVRQ6SHFLDOPDWHULDOVDUHOLVWHGKHUHRQO\RQFHHYHQLIWKH\DUHXVHGPRUHRIWHQ
GXULQJWKHQLQHGD\SHULRG
.1XPEHU)ULHQGV&RXQWHUVRUFKHFNHUV
.0LUURU6\PPHWU\0LUURUVVFLVVRUVKDOISLFWXUHDFWLYLW\VKHHWV
.0RYLH7KHDWUH6HDWV1XPHUDOFDUGGHFN
.&RXQWLQJE\7ZRV&DOFXODWRUV
.'HWHFWLYH6WRU\'LHRUQXPEHUFXEH
6HYHUDORIWKHOHVVRQVDOVRLQFOXGHVXJJHVWLRQVIRUOLWHUDWXUHDQGRUÀQJHUSOD\VZKLFKDUHQRW
LQFOXGHGKHUH3OHDVHFKHFNWKHPDWHULDOVOLVWDWWKHEHJLQQLQJRIWKHIROORZLQJOHVVRQVLQDGYDQFH
VR\RXFDQREWDLQWKHQHFHVVDU\OLWHUDWXUH.....
-&+1-
D*,*
D*,*GNF;>K?KB>G=L
<Zilne^E^llhgLnffZkr
)LQGQXPEHUVWKDWDGGWRWKHQGUDZDUURZVIRU´<RXDUHP\IULHQGµ7ZRQXPEHUV
DUHIULHQGVLIDQGRQO\LIWKHLUVXPLV
FZm^kbZel
M^Z\a^k
‡ 7KLV2OG0DQE\&DURO-RQHV
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ 1XPHUDOFDUGV²
‡ &RORUHGFKDON
Lmn]^gm
‡ &RXQWHUVRUFKHFNHUV
>q^k\bl^*
5HDG7KLV2OG0DQE\&DURO-RQHVRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW
>q^k\bl^+
2UJDQL]HWKHFODVVLQSDLUV*LYHHDFKSDLUDQXPHUDOFDUG²DQGDQXPEHURIFKHFNHUVFRXQWHUV
FRUUHVSRQGLQJWRWKHQXPEHURQWKHFDUG<RXPD\OLNHWROHWVWXGHQWVFRXQWRXWWKHLURZQFKHFNHUV
7KHQGLUHFWWKHSDUWQHUVWRÀQGDQRWKHUSDLURIVWXGHQWVWRMRLQVRWKDWDOWRJHWKHUWKH\KDYHQLQH
FKHFNHUVDQGWKHLUQXPHUDOFDUGVDGGXSWR<RXPD\QHHGWRKHOSWKHVWXGHQWSDLUVZLWKDQGWR
ÀQGHDFKRWKHU,QVWUXFWWKHWZRSDLUVIRXUVWXGHQWVWRVLWWRJHWKHUDQGWRSXWWKHLUWZRQXPEHUVDQG
QLQHFKHFNHUVLQIURQWRIWKHJURXS
7
1RZ\RXDOOKDYHIRXQG\RXUIULHQGV,·PJRLQJWRGUDZDSLFWXUHRQWKHERDUGIRU
IULHQGV
)LUVWGUDZWHQGRWVODEHOHGWRRQWKHERDUG
7
7KHVHGRWVDUHIRUWKHQXPEHUV\RXKDGWRVWDUW
3RLQWWRRQHRIWKHGRWVIRUH[DPSOHDQGDVN
7
:KRKDGWKHQXPEHU"
7KHDSSURSULDWHVWXGHQWVVKRXOGKROGXSWKHLUQXPHUDOFDUGIRU
7
:KDWQXPEHUGLG\RXUIULHQGVKDYH"
6
)LUVWFKHFNZLWKWKHJURXSWKDWWKUHHFKHFNHUVWRJHWKHUZLWKVL[
FKHFNHUVLVQLQHFKHFNHUV$VNWKHWZRSDLUVWRKROGXSWKHLU
QXPEHUVDQG'UDZDQDUURZIURPWRDV\RXVD\
9OUAREMYFRIEND
7
6RVD\VWR´<RXDUHP\IULHQGµ
-&+1.
D*,*
,QWKLVZD\FRQWLQXHWRDGGDUURZVWR\RXUSLFWXUH$WVRPH
SRLQWDVWXGHQWPLJKWVXJJHVWWKDWVD\VWR´<RXDUHP\
IULHQGµLQZKLFKFDVH\RXZRXOGGUDZDQDUURZLQWKH
RSSRVLWHGLUHFWLRQIURPWR2WKHUZLVHKROGWKLVREVHUYDWLRQ
XQWLO\RXKDYHRQHDUURZEHWZHHQSDLUVRIQXPEHUV
7
:HNQRZVD\VWR´<RXDUHP\IULHQGµ+RZ
DERXW"&DQVD\´<RXDUHP\IULHQGµWRDQ\
QXPEHU"
9OUAREMYFRIEND
<RXPD\ZDQWWRFKHFNZLWKWKHSDUWQHUVKDYLQJWKHQXPHUDOFDUGIRUDQGDVN
7
:KRLV\RXUIULHQG"
6
9OUAREMYFRIEND
'UDZWKHDUURZIURPWRDVZHOODVWKHRWKHURSSRVLWHDUURZV
6XJJHVWVWXGHQWVUHFRUGIULHQGVLQWKHLUPDWKMRXUQDOV
-&+1/
D*,+
D*,+FBKKHKLRFF>MKR+
<Zilne^E^llhgLnffZkr
,QYHVWLJDWHDV\PPHWULFSLFWXUHE\ÀUVWORRNLQJDWMXVWKDOIRIWKHSLFWXUHWKHQORRNLQJLQ
DPLUURUWRVHHWKHZKROHSLFWXUHDQGÀQDOO\FXWWLQJRXWWKHZKROHSLFWXUH
FZm^kbZel
M^Z\a^k
‡ +DOISLFWXUH
‡ 0LUURU
‡ 6FLVVRUV
‡ %ODFNOLQHV.D²G
Lmn]^gm
‡ $FWLYLW\VKHHWV
‡ 0LUURU
‡ 6FLVVRUV
:]oZg\^Ik^iZkZmbhg33UHSDUHKDOIRIDVLPSOHV\PPHWULFSLFWXUHRQDODUJHSLHFHRISDSHUVHHWKH
LOOXVWUDWLRQEHORZ/RFDWHPLUURUVWKDWKDYHDVWUDLJKWVLGHDQGFDQEHKHOGHDVLO\ZLWKRQHKDQG8VH
%ODFNOLQHV.D²GWRPDNHVWXGHQWDFWLYLW\VKHHWV
7DSHDODUJHSDSHUWRWKHERDUGRQZKLFK\RXKDYHGUDZQKDOIRIDVLPSOHV\PPHWULFSLFWXUH7U\WR
FKRRVHSLFWXUHVWKDWZLOOEHIDPLOLDUWRVWXGHQWVVXFKDVDWHGG\EHDURUDÁRZHU
7
,ZDVGUDZLQJDSLFWXUHEXWRQO\GUHZKDOIRILW7KHZKROHSLFWXUHZLOOORRNOLNHZKDW\RX
VHHLI\RXSODFHDPLUURURQWKLVGRWWHGOLQH&DQ\RXLPDJLQHZKDWWKHZKROHSLFWXUHZLOO
ORRNOLNH"
6
$WHGG\EHDUDÁRZHU
,QYLWHVHYHUDOVWXGHQWVWRWUDFHRQ\RXUSDSHUKRZWKH\WKLQNWKHPLVVLQJKDOIRIWKHSLFWXUHVKRXOG
EHGUDZQ7KHQSODFHDPLUURURQWKHGRWWHGOLQHDQGOHWVWXGHQWVVHHLIWKHZKROHSLFWXUHORRNVOLNH
ZKDWWKH\WKRXJKW
7
,ZRXOGOLNHWRFXWRXWP\SLFWXUHEXW,ZDQWWKHZKROHSLFWXUHQRWMXVWKDOI:KDWFDQ,
GR"
7KHPRVWDFFXUDWHZD\WRGRWKLVLVWRIROGWKHSLHFHRISDSHUDORQJWKHGRWWHGOLQHDQGWKHQFXW
ERWKOD\HUVDWRQFHIROORZLQJWKHOLQHVRIWKHKDOISLFWXUH\RXKDYHGUDZQ,IQRRQHPDNHVWKLV
VXJJHVWLRQGRVR\RXUVHOI7KHQFXWRXW\RXUSLFWXUHXVLQJWKLVPHWKRG
-&+10
D*,+
'LVSOD\WKHZKROHSLFWXUHFXWRXW8VHDPLUURUDJDLQWRFKHFNWKDWWKHZKROHSLFWXUHORRNVWKHVDPH
DVWKHSLFWXUH\RXVHHZKHQ\RXSODFHDPLUURUDORQJWKHGRWWHGOLQH
6WXGHQWVPD\HQMR\PDNLQJWKHLURZQV\PPHWULFSLFWXUHV%ODFNOLQHV.D²GSURYLGHVRPH
H[DPSOHVRIKDOISLFWXUHVWKDWFDQEHXVHGWRPDNHVLPSOHV\PPHWULFSLFWXUHV,IVWXGHQWVSUHIHUWR
GUDZWKHLURZQVXJJHVWWKH\ÀUVWGUDZKDOIRIDSLFWXUHWKHQIROGDORQJWKHOLQHIRUSODFLQJDPLUURU
DQGÀQDOO\FXWRXWWKHSLFWXUHDV\RXGLGLQFODVV
,I\RXXVHFRSLHVRI%ODFNOLQHV.D²GOHWVWXGHQWVFKRRVHZKLFKSLFWXUHVWKH\ZDQWWRPDNH
DQGGLUHFWWKHPWRIROORZWKHVHIRXUVWHSV
,PDJLQHWKHRWKHUKDOIRIWKHSLFWXUHEXWGRQRWGUDZLWDQGRUSODFHDPLUURUDORQJWKH
GRWWHGOLQHWRVHHZKDWWKHZKROHSLFWXUHZLOOORRNOLNH
)ROGWKHSDSHUDORQJWKHGRWWHGOLQHPLUURUOLQH
&XWRXWWKHSLFWXUH
&RPSDUHWKHSLFWXUHZLWKZKDW\RXLPDJLQHGRUVDZLQWKHPLUURU
-&+11
D*,,
D*,,FHOB>MA>:MK>L>:ML
<Zilne^E^llhgLnffZkr
5HFRJQL]HDQGLGHQWLI\WZRGLJLWQXPEHUVE\SOD\LQJDJDPHLQZKLFKWKHREMHFWLVWR
ÀQGDVHDWLQDPRYLHWKHDWUH
FZm^kbZel
M^Z\a^U
‡ ,&DQ&RXQWWR&DQ<RX"
E\.DWKHULQH+RZDUGRUDQRWKHU
VHOHFWLRQIURPWKHOLWHUDWXUHOLVW
‡ ²QXPHUDOFKDUW
‡ 0DJQHWLFFKHFNHUVRUSDSHU
VTXDUHV
‡ 1XPHUDOFDUGV²H[FOXGLQJ
DQG
Lmn]^gm
‡ 1RQH
:]oZg\^Ik^iZkZmbhg3%HIRUHSOD\LQJWKHJDPHIROGWKH²QXPHUDOFKDUWLQKDOIVRRQO\²
VKRZV7KHQPRXQWLWDWWKHIURQWRIWKHFODVV,I\RXDWWDFKLWWRDPDJQHWLFERDUG\RXZLOOEHDEOHWRXVH
PDJQHWLFFKHFNHUVWRFRYHUWKHQXPEHUV,IWKLVLVQRWSRVVLEOHWDSHWKHSDSHUVTXDUHVRYHUWKHQXPEHUVDV
VKRZQLQWKHLOOXVWUDWLRQEHORZ3UHSDUHDGHFNRIQXPHUDOFDUGVDV\RXGLGIRU/HVVRQ.EXWUHPRYH
DQG
>q^k\bl^*
5HDG,&DQ&RXQWWR&DQ<RX"E\.DWKHULQH+RZDUGRUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUH
OLVW
>q^k\bl^+
5HIHUWRWKHQXPHUDOFKDUW
7
+RZPDQ\RI\RXKDYHHYHUEHHQWRDPRYLHWKHDWUH"
:HDUHJRLQJWRSUHWHQGRXUQXPHUDOFKDUWLVWKHVHDWLQJSODQDWDPRYLHWKHDWUHZKHUH
HDFKVHDWLVQXPEHUHG
:KRFDQVKRZXVZKHUHWRÀQGVHDW"
-&+12
D*,,
6HOHFWDVWXGHQWWRSRLQWWRZKHUHLVLQWKHQXPHUDOFKDUW,IFRUUHFWUHPRYHWKHFRYHUDQGLGHQWLI\
VHDWQXPEHU,QGLFDWHRQHURZDQGFROXPQDV\RXVD\
7
7KDW·VULJKWLVLQWKHVDPHURZDVDQGWKHVDPHFROXPQDV
,QYLWHVWXGHQWVRQHDWDWLPHWRFKRRVHDFDUGDWUDQGRPIURP\RXUGHFNRIQXPHUDOFDUGVUHDGWKH
QXPEHUDQGWKHQWDNHWKHDSSURSULDWHVHDWWKDWLVXQFRYHUWKHQXPEHURQWKHQXPHUDOFKDUW7KLV
DFWLYLW\PLJKWVRXQGHDV\EXWLQIDFW\RXPD\ÀQGWKDWPDQ\RI\RXUVWXGHQWVQHHGWRPDNHVHYHUDO
DWWHPSWVEHIRUHWKH\DUHDEOHWRORFDWHWKHLUVHDWV
2QFHHYHU\RQHKDV´WDNHQWKHLUVHDWµLQWKHPRYLHWKHDWUHDVNWKHVWXGHQWVLIWKH\FDQVD\ZKLFK
VHDWVDUHVWLOOHPSW\QXPEHUVVWLOOFRYHUHG
-&+2)
D*,-M>EEBG@LMHKB>L?HK:G:KKHPIB<MNK>
+
D*,-
<Zilne^E^llhgLnffZkr
0DNHXSVWRULHVWKDWFRXOGEHSRVVLEOHLQWHUSUHWDWLRQVRIDGRWVWULQJDQGDUURZSLFWXUH
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
5HSHDW/HVVRQ.XVLQJWKLVDUURZSLFWXUH
Ghm^3,QWKLVSLFWXUHHDFKGRWLQWKH\HOORZVWULQJKDVMXVWRQHDUURZVWDUWLQJDWLWZKLOHWKHGRWVLQ
WKHEOXHVWULQJPD\KDYHPRUHWKDQRQHDUURZHQGLQJDWWKHP7KLVVLWXDWLRQLVWKHRSSRVLWHRIWKDWLQ
/HVVRQ.DQGVWRULHVIRUWKLVSLFWXUHVKRXOGUHÁHFWWKLVGLIIHUHQFH
3RVVLEOHVWRULHVIRUWKLVSLFWXUHPLJKWKDYHWKHVHHOHPHQWV
,QVLGHWKH\HOORZVWULQJ
,QVLGHWKHEOXHVWULQJ
0HDQLQJRIDUURZV %LUGV
1HVWV
«OLYHVLQ«
,QVLGHWKH\HOORZVWULQJ
,QVLGHWKHEOXHVWULQJ
0HDQLQJRIDUURZV &KLOGUHQ
*DPHV
«LVSOD\LQJ«
,QVLGHWKH\HOORZVWULQJ
,QVLGHWKHEOXHVWULQJ
0HDQLQJRIDUURZV 1XWV
6TXLUUHOV
«ZDVHDWHQE\«
-&+2*
-&+2+
D*,.
D*,.LMKBG@L<Zilne^E^llhgLnffZkr
/RFDWHGRWVIRUDQLPDOVLQDFODVVVWULQJSLFWXUHZLWKRYHUODSSLQJVWULQJV
FZm^kbZel
M^Z\a^k
‡ %HVW)ULHQGVE\6WHYHQ.HOORJJ
3HW6KRZE\(]UD.HDWVRU
DQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ &RORUHGFKDON
Lmn]^gm
‡ 1RQH
5HDG%HVW)ULHQGVE\6WHYHQ.HOORJJ3HW6KRZE\(]UD.HDWVRUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
'UDZWZRODUJHRYHUODSSLQJVWULQJVRQWKHERDUGDQGODEHOWKHPDVIROORZV
!NIMALSWITHLEGS
/UR0ETS
7
7KHUHGVWULQJLVIRUDQLPDOVZLWKIRXUOHJV
7KHEOXHVWULQJLVIRURXUSHWV:KRFDQWHOOXVDERXWDQDQLPDODQGGUDZDGRWIRULWLQ
RXUSLFWXUH"
$OORZVWXGHQWVWRRIIHUDQVZHUV<RXSUREDEO\ZLOOKDYHOLWWOHWURXEOHREWDLQLQJDYDULHW\
RIUHVSRQVHV$VQHFHVVDU\KHOSVWXGHQWVWRORFDWHWKHFRUUHFWSODFHPHQWIRUDQLPDOVWKH\
GHVFULEHDQGGUDZGRWVIRUWKHPLQWKHSLFWXUH)RUH[DPSOH
7
6WHYHQZDQWVWRSXWDGRWIRUKLVVQDNHLQWKHSLFWXUH6WHYHQLV\RXUVQDNHDSHW"
6
<HV
7
7KHQLWJRHVLQWKLVVWULQJ0DNHDKDQGPRWLRQFRYHULQJWKHUHJLRQLQVLGHWKHEOXHVWULQJ
'RHV\RXUVQDNHKDYHIRXUOHJV"
6
1R
7
6RLWGRHVQRWJRLQWKLVVWULQJ,QGLFDWHWKHUHGVWULQJ7KHQSRLQWWRWKHUHJLRQRXWVLGHWKH
UHGVWULQJEXWLQVLGHWKHEOXHVWULQJ
-&+2,
D*,.
$IWHUDZKLOH\RXUGUDZLQJPLJKWORRNOLNHWKHIROORZLQJ
!NIMALSWITHLEGS
4HEMUSEUM
DINOSAUR
/UR0ETS
*AKESHORSE
3TEVENSSNAKE
!NNSCAT
'IRAFFEATTHEZOO
#LASSGOLDFISH
"IRDATWINDOW
<RXFDQODEHOWKHGRWVRUQRWDV\RXOLNH6WXGHQWVPD\OLNHWRVHHGRWVIRUWKHLUSHWVODEHOHGLQWKH
SLFWXUH
<RXPD\OLNHWRHQFRXUDJHVWXGHQWVWRWKLQNRISDUWLFXODUNLQGVRIDQLPDOVE\SRLQWLQJWRRQHRIWKH
UHJLRQVDQGDVNLQJLIVRPHRQHNQRZVDQDQLPDOWKDWJRHVLQWKDWUHJLRQ
!NIMALSWITHLEGS
4HEMUSEUM
DINOSAUR
/UR0ETS
*AKESHORSE
3TEVENSSNAKE
!NNSCAT
'IRAFFEATTHEZOO
#LASSGOLDFISH
"IRDATWINDOW
7
&DQ\RXWKLQNRIDQRWKHUDQLPDOWKDWJRHVKHUH":KDWDQLPDOFRXOG,GUDZDGRWIRUKHUH"
6
$ZKDOH
6XJJHVWVWXGHQWVGUDZDVWULQJSLFWXUHLQWKHLUPDWKMRXUQDOV'LUHFWWKHPWRGUDZGRWVRUSLFWXUHVRI
WKHDQLPDOVWKDWÀWLQWKHUHJLRQVRIWKHLUSLFWXUH
7KLVZRXOGEHDJRRGWLPHWRVHQGKRPHDOHWWHUDERXWWKHXVHRIVWULQJVIRUFODVVLÀFDWLRQ6XFKD
OHWWHUFDQLQFOXGHVHYHUDOSUREOHPVIRUSDUHQWVJXDUGLDQVWRGRZLWKWKHLUFKLOG6HHWKHVDPSOHOHWWHU
RQ%ODFNOLQH.
-&+2-
D*,/
D*,/LMHKRM>EE>KL
<Zilne^E^llhgLnffZkr
'LVFXVVDQDUURZSLFWXUHLQZKLFKWKHGRWVDUHIRUFKLOGUHQDQGWKHDUURZVDUHIRU´WROGD
VWRU\WRµ3RVHVHYHUDOTXHVWLRQVDERXWWKHUHODWLRQWKDWLQYROYHFRPSDULQJDQGFRXQWLQJ
FZm^kbZel
M^Z\a^k
7
‡ &RORUHGFKDONRUPDJQHWLF
FKHFNHUV
Lmn]^gm
‡ 1RQH
7KHVHGRWVDUHIRUVRPHRIWKHFKLOGUHQZKRZHUHLQP\FODVVODVW\HDU
$V\RXDUHVD\LQJWKLVGUDZWZHOYHGRWVRQWKHERDUGDVLOOXVWUDWHGEHORZ%HVXUHWRPDNH\RXU
GUDZLQJODUJHDQGZHOOVSUHDGRXW
7
7KHVHFKLOGUHQORYHGWRWHOOVWRULHV6RPHWLPHVRQHFKLOGZRXOGWHOODVWRU\WRDQRWKHUFKLOG
'UDZDUHGDUURZDV\RXVD\
7
7KLVFKLOGWROGDVWRU\WRWKLVFKLOG
3RLQWWRWKHFKLOGZKRWROGWKHVWRU\
3RLQWWRWKHFKLOGZKRKHDUGWKHVWRU\
1RZWHOOWKHVWXGHQWVWRZDWFKFDUHIXOO\DQGWR
WKLQNDERXWWKHDUURZVDV\RXFRPSOHWHWKHSLFWXUH
VORZO\5HPLQGWKHPWKDWWKHUHGDUURZPHDQV
´«WROGDVWRU\WR«µ
<RXUVWXGHQWVZLOOSUREDEO\KDYHVRPHWKLQJWRVD\
DERXWWKHSLFWXUHZLWKRXWDQ\SURGGLQJIURP\RX
/HWWKHPIHHOIUHHWRPDNHREVHUYDWLRQV
6
7KHVHWZRFKLOGUHQWROGVWRULHVWRHDFKRWKHU
6
7KLVFKLOGWROGVWRULHVWRWZRRWKHUFKLOGUHQ
6
7KDWFKLOGGLGQ·WWHOODVWRU\WRDQ\RQH
$IWHUWKHVWXGHQWVKDYHFRPPHQWHGIHHOIUHHWRFKRRVHDPRQJWKHIROORZLQJTXHVWLRQV
7
,VWKHUHDFKLOGZKRWROGDVWRU\WRMXVWRQHRWKHUFKLOG"
,VWKHUHDFKLOGZKRGLGQ·WWHOODVWRU\WRDQ\RWKHUFKLOG"
7
:KLFKFKLOGWROGVWRULHVWRWKHJUHDWHVWQXPEHURIRWKHUFKLOGUHQ"
-&+2.
D*,/
:KLFKFKLOGKHDUGVWRULHVIURPWKHJUHDWHVWQXPEHURIRWKHUFKLOGUHQ"
&DQ\RXÀQGDFKLOGZKRWROGDVWRU\WRMXVWRQHRWKHUFKLOGDQGKHDUGDVWRU\IURPMXVW
RQHFKLOG"
&DQ\RXÀQGDFKLOGZKRWROGVWRULHVEXWGLGQ·WKHDUDQRWKHUFKLOG·VVWRU\"
&DQ\RXÀQGDFKLOGZKRZDVWROGVWRULHVEXWGLGQ·WWHOODVWRU\"
:KLFKVWXGHQWZRXOG\RXOLNHWREH":K\"
-&+2/
D*,0
D*,0<HNGMBG@;RMPHL
<Zilne^E^llhgLnffZkr
&RXQWE\WZRVXVLQJWKH²QXPHUDOFKDUWDQGWKHQLQDFRXQWLQJVQDNH)ROORZD
DUURZSLFWXUHZLWKDFDOFXODWRUFRXQWLQJE\WZRV
FZm^kbZel
M^Z\a^k
‡ ²QXPHUDOFKDUW
‡ 1XPHUDOFDUGVHYHQQXPEHUV
²
‡ 0DJQHWLFFKHFNHUVRUSDSHU
UHFWDQJOHV
‡ 2YHUKHDGFDOFXODWRU
Lmn]^gm
‡ &DOFXODWRU
:]oZg\^Ik^iZkZmbhg3)RU([HUFLVHIROGWKH²QXPHUDOFKDUWLQKDOIVRRQO\²VKRZV7KHQ
PRXQWLWDWWKHIURQWRIWKHFODVV,I\RXDWWDFKLWWRDPDJQHWLFERDUG\RXZLOOEHDEOHWRXVHPDJQHWLF
FKHFNHUVWRFRYHUWKHRGGQXPEHUV,IWKLVLVQRWSRVVLEOHWDSHSDSHUUHFWDQJOHVRYHUWKHRGGQXPEHUVDV
VKRZQLQWKHLOOXVWUDWLRQEHORZ8VHWKHGHFNRIQXPHUDOFDUGVIURP/HVVRQ.RU.EXWUHPRYHWKH
RGGQXPEHUHGFDUGV
>q^k\bl^*
7HDFKWKH7HQ/LWWOH&DQGOHVÀQJHUSOD\WRWKHFODVV
>q^k\bl^+
8VHWKH²QXPHUDOFKDUWWRFRXQWE\WZRVWKDWLVVNLSFRXQWVWDUWLQJDW<RXPD\OLNHWRGR
WKLVE\FRYHULQJHYHU\RWKHUFROXPQRIWKHFKDUW
,QWKLVFDVHEHVXUHWRDVNVWXGHQWVZKDWWKH\QRWLFHDERXWWKHFKDUWDQGPHQWLRQWKDW\RXFDQRQO\
VHHHYHU\RWKHUQXPEHU
7
7RGD\ZHDUHJRLQJWRPDNHDQRWKHUFRXQWLQJVQDNHEXWWKLVWLPHZHDUHJRLQJWRXVHWKH
QXPEHUVZHVD\ZKHQZHVNLSFRXQWFRXQWE\WZRVVWDUWLQJDW
5HSHDW/HVVRQ.([HUFLVHVDQGXVLQJWKHHYHQQXPEHUHGFDUGV²'UDZDFRXQWLQJE\
WZRVVQDNHOLNHDUURZSLFWXUH
-&+20
D*,0
;
>q^k\bl^,
'LVSOD\DQRYHUKHDGFDOFXODWRU
7
'R\RXUHPHPEHUKRZZHWDXJKWWKHFDOFXODWRUWRFRXQWDQGWKHQLWFRXOGIROORZD
FRXQWLQJE\RQHVVQDNH"
(QFRXUDJHVWXGHQWVWRUHFDOOWKHSURFHVVRIWHDFKLQJWKHFDOFXODWRUWRFRXQWE\RQHV
3XWRQWKHVWDUWLQJQXPEHU
3UHVV O C D
3UHVV S C SDQGVRRQ
C S
7
7KLVDUURZSLFWXUHLVDOVRDFRXQWLQJVQDNHEXWLQVWHDGRIFRXQWLQJE\RQHVLWVKRZV
FRXQWLQJE\WZRVRUVNLSFRXQWLQJ'R\RXWKLQNZHFRXOGWHDFKWKHFDOFXODWRUWRFRXQW
E\WZRVDQGIROORZRXUDUURZSLFWXUH"
$OORZDIHZPLQXWHVIRUVWXGHQWVWRGLVFXVVWKHTXHVWLRQDQGREVHUYHWKDWWKHGLIIHUHQFHLVUDWKHU
WKDQ7KDWLVFRXQWLQJE\WZRVUHTXLUHVDGGLQJHDFKWLPHWRJHWWKHQH[WQXPEHUUDWKHUWKDQ
DGGLQJ7KH\VKRXOGGHFLGHWRWHDFKWKHFDOFXODWRUWRFRXQWE\WZRVLQWKHIROORZLQJZD\
3XWRQWKHVWDUWLQJQXPEHU
3UHVV O C E
3UHVV S C SDQGVRRQ
C S
'RWKLVRQWKHRYHUKHDGRUFODVVFDOFXODWRUDQGREVHUYHWKHFDOFXODWRUIROORZLQJWKHDUURZSLFWXUH
3ODFHGRWWRGRWSLFWXUHVLQFHQWHUVIRUDGGLWLRQDOFRXQWLQJSUDFWLFH%ODFNOLQHV)D²FDUH
H[DPSOHVZKLFKVWDUWDWDQGFRXQWE\WZRV
6WXGHQWVPD\OLNHWRVKDUHDÀQJHUSOD\WKH\KDYHOHDUQHGZLWKIDPLO\PHPEHUV7HQ/LWWOH&DQGOHV
FDQEHSXWLQWRERRNOHWIRUPXVLQJ%ODFNOLQH.G0DNHFRSLHVIRUVWXGHQWVWRLOOXVWUDWHDQG
WDNHKRPH
-&+21
D*,1
D*,1<:KMK:<DL*
<Zilne^E^llhgLnffZkr
&RQVWUXFWDUDFHFDUWUDFNXVLQJVWUDLJKWDQGFXUYHGVHFWLRQV
FZm^kbZel
M^Z\a^k
‡ 7KLQJVWKDW*RE\5LFKDUG6FDU\
RUDQRWKHUVHOHFWLRQIURPWKH
OLWHUDWXUHOLVW
‡ 2QHVKHHWRIWUDFNSLHFHV
Lmn]^gm
‡ 7UDFNSLHFHV
Ghm^3$VKHHWRIWUDFNSLHFHVKDVVHFWLRQVHLJKWFXUYHGVHFWLRQVDQGHLJKWVWUDLJKWVHFWLRQV<RXPD\
OLNHWRVWRUHVHWVRIWUDFNSLHFHVSLHFHVIURPRQHVKHHWLQHQYHORSHV
5HDG7KLQJVWKDW*RE\5LFKDUG6FDU\RUDQRWKHUVHOHFWLRQIURPWKHOLWHUDWXUHOLVW7KHQVHDWWKH
VWXGHQWVLQDODUJHFLUFOH'LVSOD\DVHWRIWUDFNSLHFHVSXQFKHGRXWIURPRQHVKHHWHLJKWFXUYHG
VHFWLRQVDQGHLJKWVWUDLJKWVHFWLRQVLQWKHPLGGOHRIWKHFLUFOH
7
7KHVHDUHFDOOHGWUDFNSLHFHVDQGWRGD\ZHDUHJRLQJWRXVHWKHPWREXLOGDELJUDFHFDU
WUDFN
/D\GRZQDVWUDLJKWVHFWLRQ
7
+HUHLVWKHÀUVWVHFWLRQIRUDWUDFN:KRZRXOGOLNHWRFRQWLQXHP\WUDFN"
/HWVHYHUDOVWXGHQWVDGGWUDFNSLHFHVRQHDWDWLPH<RXPLJKWKDYHWRPDNHLWFOHDUWKDWWKHQH[W
SLHFHVKRXOGRQO\EHDGGHGDWRQHRIWKHWZRHQGVRIWKHSRUWLRQRIUDFLQJWUDFNDOUHDG\EXLOW<RXGR
QRWZDQWWKHWUDFNWRHQGXSKDYLQJ´EUDQFKHVµ
QRWDOORZHG
RQHEXW
QRWERWK
+HUHDUHVRPHSRVVLEOHUDFHFDUWUDFNV
:KHQDOOSLHFHVKDYHEHHQODLGGRZQRUHOVHDFORVHGFXUYHFLUFXLWKDVEHHQFRPSOHWHGDVNWKH
FODVVWRFRPPHQWRQWKHWUDFNWKH\KDYHEXLOW7KH\PD\REVHUYHLWVFLUFXODUQDWXUHFLUFXLWRUKRZ
LWKDVDEHJLQQLQJDQGDQHQG
-&+22
D*,1
'LYLGHWKHVWXGHQWVLQWRJURXSVRIWZRRUWKUHHDQGDVVLJQHDFKJURXSDVSDFHRQWKHÁRRU*LYHHDFK
JURXSDVKHHWRIWUDFNSLHFHVZKLFKWKH\FDQSXQFKRXWDQGXVHWREXLOGWKHLURZQUDFHFDUWUDFN
(QFRXUDJHVWXGHQWVWRZRUNWRJHWKHUWREXLOGDWUDFNHDFKRQHLQWKHJURXSKDYLQJDFKDQFHWRDGG
VHFWLRQVWRLW*URXSVPD\OLNHWRMRLQHDFKRWKHUDQGEXLOGUDFHFDUWUDFNVZLWKWKHWUDFNSLHFHVIURP
PRUHWKDQRQHVKHHW
Ghm^3,WPD\KDSSHQWKDWQRJURXSEXLOGVDFORVHGFLUFXLW,IWKLVGRHVKDSSHQKRZHYHUEH
HQWKXVLDVWLFDERXWLW)RUH[DPSOHVD\
7
/RRNDWWKLVJURXS·VWUDFN$UDFLQJFDUFRXOGJRDURXQGDQGDURXQGDQGDURXQG
K^lhnk\^3,I\RXKDYHDFFHVVWRWKH+\SHU&DUGŠSURJUDPRQD0DFLQWRVKFRPSXWHUDVWDFNFDOOHG
7UDLQ6HWSURYLGHVDWHFKQRORJLFDOWRROWKDWDFFRPSOLVKHVWKHVDPHWDVN
-&,))
D*,2
D*,2=>M><MBO>LMHKR+
<Zilne^E^llhgLnffZkr
'LVFRYHUDVHFUHWQXPEHUE\XVLQJVHYHUDOFOXHVDERXWFRXQWLQJE\WZRVWKH²
QXPHUDOFKDUWWKHQXPEHUVRQWKHIDFHVRIDGLHRUQXPEHUFXEHDQGRUGHU
FZm^kbZel
M^Z\a^k
‡ ²QXPHUDOFKDUW
‡ 3DSHUZLWKZULWWHQRQLW
‡ 'LHRUQXPEHUFXEH
Lmn]^gm
‡ 1RQH
:ULWHRQDSLHFHRISDSHUDQGIROGLWXS6KRZWKHFODVV\RXUSDSHUWHOOWKHP\RXZURWHDVHFUHW
QXPEHURQWKHSDSHUDQGWKH\DUHJRLQJWREHGHWHFWLYHVWU\LQJWRÀQGWKHVHFUHWQXPEHU
7
+HUH·VWKHÀUVWFOXH<RXZLOOVD\WKHVHFUHWQXPEHULI\RXFRXQWE\WZRVVNLSFRXQWIURP
WR
:KDWFRXOGWKHVHFUHWQXPEHUEH"
,QYLWHVWXGHQWVWRVNLSFRXQWIURPWRZKLOH\RXUHFRUGWKHQXPEHUVRQWKHERDUG<RXPD\OLNH
WRDVNDVWXGHQWWRSRLQWWRWKHVHQXPEHUVRQWKHFODVVQXPEHUOLQHRU²QXPHUDOFKDUWZKLOH
RWKHUVFRXQW
7
7KHUHDUHPDQ\SRVVLELOLWLHVIRUWKHVHFUHWQXPEHU'R\RXNQRZZKLFKRQHLWLV"
:KDWGR\RXQHHG"
6
$QRWKHUFOXH
7
+HUH·VDVHFRQGFOXH7KHVHFUHWQXPEHULVLQWKHÀUVWURZRIWKHQXPHUDOFKDUW
/HWWKHVWXGHQWVUHDFWWRWKLVFOXH$VWKH\GHFLGHWKHVHFUHWQXPEHUFDQQRWEHDQ\RIWKHWZRGLJLW
QXPEHUVHUDVHWKHPRUFURVVWKHPRII\RXUOLVW
&KHFNZLWKWKHFODVVWKDWWKHUHPDLQLQJQXPEHUVDUHDOOLQWKHÀUVWURZRIWKHQXPHUDO
FKDUW$WWKLVWLPH\RXVKRXOGKDYHRQO\DQGRQWKHERDUG
7
1RZWKHUHDUHÀYHSRVVLELOLWLHVIRUWKHVHFUHWQXPEHU'R\RXNQRZZKLFKRQHLWLV"
:KDWGR\RXQHHG"
6
$QRWKHUFOXH
-&,)*
D*,2
6KRZWKHFODVVDGLHRUDQXPEHUFXEH7RVVWKHGLHDQGH[SODLQWKDW\RXORRNDWWKHWRSIDFHIRU
WKHUHVXOW
7
+HUH·VDWKLUGFOXH<RXFDQJHWWKHVHFUHWQXPEHUZKHQ\RXWRVVDGLHQXPEHUFXEH
/HWVWXGHQWVGLVFXVVZKDWLQIRUPDWLRQWKH\JHWIURPWKLVFOXH8VLQJWKHGLHWRFKHFNWKH\VKRXOG
GHFLGHWKHVHFUHWQXPEHUFDQVWLOOEHRUEXWFDQQRWEHRU(UDVHDQGIURP\RXUOLVW
2EVHUYHZLWKWKHFODVVWKDWQRZWKHUHDUHMXVWWKUHHSRVVLELOLWLHVIRUWKHVHFUHWQXPEHU
7
-&,)+
,KDYHRQHODVWFOXH7KHVHFUHWQXPEHULVQRWWKHOHDVWRQHDQGLWLVQRWWKHJUHDWHVW
+ROGXS\RXUÀQJHUVWRVKRZZKDWQXPEHU\RXWKLQNLVWKHVHFUHWQXPEHU
D*-):=CNLMF>GM(:LL>LLF>GM=:R
D*-)
Ghm^36HH6HFWLRQ2QHSDJHIRUDQH[SODQDWLRQRIWKHSXUSRVHRIVFKHGXOHGDGMXVWPHQWGD\V
7RGD\\RXPD\ZLVKWRUHSHDWDQHDUOLHUOHVVRQHLWKHUIRUDVPDOOJURXSRIVWXGHQWVRUIRUWKHHQWLUH
FODVV0DQ\RIWKHOHVVRQVFDQEHPDGHWRDSSHDUFRPSOHWHO\GLIIHUHQWE\FKDQJLQJWKHVWRU\DQGRU
WKHQXPEHUVLQWKHOHVVRQ7KLVZRXOGDOVREHDJRRGWLPHWRDOORZVWXGHQWVWRZRUNLQDFHQWHURURQ
DSURMHFWRI\RXUFKRLFH
7KHIROORZLQJJDPHDFWLYLWLHVLQYROYHVWXGHQWVLQXVLQJDYDULHW\RIQXPEHUFRQFHSWVDQGUHDVRQLQJ
VNLOOV
PaZmlFrGnf[^k8
6KRZDJURXSRIDWPRVWWHQVWXGHQWVWKHQXPHUDOFDUGVIURPWRWKHQXPEHURIVWXGHQWV$VNWKH
VWXGHQWVWRVWDQGLQDFLUFOHDQGH[SODLQWKDW\RXDUHJRLQJWRSLQDFDUGZLWKRQHRIWKHVHQXPEHUV
RQHYHU\RQH·VEDFN7KHVWXGHQWVVKRXOGQRWEHDEOHWRVHHWKHLURZQQXPEHUEXWE\ZDONLQJDURXQG
WKHFLUFOHHDFKVWXGHQWVKRXOGVHHHYHU\RQHHOVH·VQXPEHU
&DOORQVWXGHQWVLQGLYLGXDOO\WRZDONDURXQGWKHFLUFOHVHYHUDOWLPHVLIQHFHVVDU\ORRNDWDOOWKH
RWKHUQXPEHUVDQGWU\WRGHFLGHZKDWQXPEHULVRQWKHFDUGRQWKHLURZQEDFNV
7KLVJDPHFDQEHPDGHPRUHGLIÀFXOWE\XVLQJDODUJHUJURXSRISOD\HUVXVLQJRQO\HYHQQXPEHUV
RUXVLQJWKHQXPEHUVLQDUDQJHVXFKDVIURPWR
FZm\abg`=hfbgh^l
,QWURGXFHWZRQRWLRQVRIPDWFKLQJGRPLQRHV
6LQJOH0DWFK²7KHQXPEHURQRQHVLGHRQO\RIWKHWZRGRPLQRHVLVWKHVDPH)RUH[DPSOH
DQG
6XP0DWFK²7KHWRWDOQXPEHURQWKHWZRGRPLQRHVLVWKHVDPH)RUH[DPSOH
DQG
3OD\DFRRSHUDWLYHJDPHZLWKWZRWRIRXUSOD\HUVLQZKLFKWKHWHDFKHUVHOHFWVDGRPLQRDQGSODFHVLW
RQDPDWDVVKRZQLQWKHQH[WLOOXVWUDWLRQ7KHQWKHSOD\HUVWDNHWXUQVÀQGLQJPDWFKLQJGRPLQRHVWR
SODFHRQWKHPDW
-&,),
D*-)
6LQJOH
6XP
7KHREMHFWLVWRÀQGDVPDQ\PDWFKLQJGRPLQRHVDVSRVVLEOH:KHQWKHJURXSEHOLHYHVWKH\KDYH
IRXQGDOOWKHPDWFKLQJGRPLQRHV\RXPD\OLNHWRDVNVRPHRIWKHVHTXHVWLRQV
‡ 'LG\RXÀQGPRUHVLQJOHPDWFKHVRUVXPPDWFKHV"
‡ +RZPDQ\RIHDFKNLQGRIPDWFK"
‡ +RZPDQ\PRUHVLQJOHPDWFKHVWKDQVXPPDWFKHV"
‡ 'R\RXWKLQNZHZLOODOZD\VÀQGPRUHVLQJOHPDWFKHV"
:ll^llf^gm3<RXPD\ZLVKWRXVHRQHRIWKHVDPSOHDVVHVVPHQWFKHFNOLVWV%ODFNOLQHV.E²N
WRREVHUYHVWXGHQWV·GHYHORSPHQWRIQXPEHUFRQFHSWV
$PRQJWKHQH[WÀYHOHVVRQVDUHVRPHWKDWUHTXLUHH[WUDSUHSDUDWLRQRULQYROYHPDWHULDOVQRWLQFOXGHG
ZLWKWKH&603&ODVVURRP6HW7KHOHVVRQVDUHOLVWHGKHUHIRU\RXUFRQYHQLHQFHLQSUHSDULQJIRU
WKHP$PRUHGHWDLOHGGHVFULSWLRQRIWKHQHHGHGPDWHULDOVFDQEHIRXQGRQWKHÀUVWSDJHRIHDFK
OHVVRQ
-&,)-
.2QH6LGH7ZR6LGHV5HYHUVLEOHMDFNHWF\OLQGULFDOEDQGV0|ELXVEDQGV
.0LUURU6\PPHWU\0DVNLQJWDSHPLUURUV&URGV
.'HWHFWLYH6WRU\&ROOHFWLRQRISHQQLHVQLFNHOVDQGGLPHV
.-XPS\)URJV%OXHSDSHUFRXQWHUVLQFXSVÀQJHUSOD\
D*-*
D*-*HG>LB=>&MPHLB=>L
<Zilne^E^llhgLnffZkr
,QYHVWLJDWHWZRVLGHGDQGRQHVLGHGVXUIDFHVDQGGLVFRYHUDVXUSULVLQJRQHVLGHG
EDQG³WKH0|ELXVVWULS
FZm^kbZel
M^Z\a^k
‡ $FRDWRUMDFNHWZLWKGLIIHUHQW
FRORUVRQWKHLQVLGHDQGRXWVLGH
IRUH[DPSOHDUHYHUVLEOHSDUND
‡ 2QHODUJHF\OLQGULFDOEDQGDQG
RQHODUJH0|ELXVEDQG
‡ &RORUHGPDUNHU
Lmn]^gm
‡ &\OLQGULFDOEDQGDQG0|ELXV
EDQG
‡ &UD\RQV
:]oZg\^Ik^iZkZmbhg3&\OLQGULFDODQG0|ELXVEDQGVDUHHDV\WRPDNH)RUWKHODUJHRQHVXVHDORQJ
VWULSDSSUR[LPDWHO\FPE\FPRIÁH[LEOHSDSHUKHDY\HQRXJKVRWKDWDFRORUHGPDUNHUGRHVQRW
EOHHGWKURXJK)RUWKHVWXGHQWV·EDQGVXVHSDSHUVWULSVDSSUR[LPDWHO\FPE\FPSRVVLEO\IURPDUROO
OLNHFDVKUHJLVWHUWDSH7KHLOOXVWUDWLRQVEHORZVKRZKRZWRPDNHDF\OLQGULFDOEDQGDQGD0|ELXVEDQG
D
E
F
D
E
F
D
E
F
F
E
D
D
E
F
D
E
F
&\OLQGULFDOEDQG
0|ELXVEDQG
)RUWKH0|ELXVEDQGWZLVWWKHVWULSRQHKDOIWXUQWRPDWFKWKHOHWWHUV
6KRZWKHFODVVDFRDWRUMDFNHWZLWKGLIIHUHQWFRORUVRQWKHLQVLGHDQGRXWVLGH7KHVWXGHQWVZLOO
SUREDEO\QRWLFHWKLVIDFWIDLUO\TXLFNO\&RQFOXGHWKDWDFRDWKDVWZRVLGHV,IWKHFRDW\RXDUHXVLQJ
IRUWKLVGHPRQVWUDWLRQLVLQIDFWUHYHUVLEOHVKRZWKHFKLOGUHQKRZ\RXFDQZHDULWZLWKRQHFRORU
VLGHRXWRUZLWKWKHRWKHUFRORUVLGHRXW3RLQWRXWKRZHYHUWKDWQRWDOOFRDWVKDYHWKLVIHDWXUH\RX
KDYHWREHFDUHIXOQRWWRZHDUPRVWFRDWVLQVLGHRXW
+ROGXSWKHODUJHF\OLQGULFDOEDQG
7
:KDWGR\RXQRWLFHDERXWWKLVEDQG"
$OORZDIHZPRPHQWVIRUREVHUYDWLRQV
7
'RHVLWKDYHWZRVLGHV"
6
<HV
7
/HW·VFRORUDUHGGHVLJQRQRQHVLGH
,QYLWHDVWXGHQWWRGUDZDUHGVTXLJJOHRQWKHRXWVLGHRI\RXU
F\OLQGULFDOEDQG
-&,).
D*-*
*LYHHYHU\RQHDFKDQFHWRREVHUYHWKDWRQHVLGHQRZKDVDUHGGHVLJQZKLOHWKHRWKHUVLGHGRHVQRW
6KRZWKHVWXGHQWVKRZWKH\FRXOGZHDUWKHEDQGDVDVDVK7KHQSXWLWRQGLIIHUHQWVWXGHQWVDVNLQJ
ZKLFKVLGHWKH\ZLVKWRZHDURXW
1H[WKROGXSWKHODUJH0|ELXVEDQG
7
:KDWGR\RXQRWLFHDERXWWKLVEDQG"
$JDLQDOORZDIHZPRPHQWVIRUREVHUYDWLRQV
7
:KDWDERXWWKLVEDQG"'RHVLWKDYHWZRVLGHV"
<RXPLJKWH[SHFWPRVWHYHU\RQHWRWKLQNWKDWLWGRHV
7
/HW·VFRORUDUHGGHVLJQRQRQHVLGH
,QYLWHDVWXGHQWWRWU\WRGRWKLV$SUDFWLFDOZD\RIPDQDJLQJ
WKLVLVIRU\RXWRVOLGHWKH0|ELXVEDQGRYHUWKHFRUQHURID
WDEOHRURYHUWKHDUPRIDFKDLUZKLOHWKHVWXGHQWGUDZVWKHUHG
VTXLJJOH
7KHFODVVPD\EHJLQWRREVHUYHWKDWZKDWWKH\WKRXJKWZHUH
WZRGLIIHUHQWVLGHVDUHERWKFRORUHGZLWKWKHUHGPDUNHU+ROG
XSERWKEDQGVVRWKHVWXGHQWVFDQQRWLFHWKDWZKLOHWKH0|ELXV
EDQGLVPDUNHGDOORYHUZLWKUHGWKHF\OLQGULFDOEDQGKDVRQO\
RQHVLGHPDUNHGZLWKUHGWKHRWKHUVLGHLVXQPDUNHG'RQ·W
EHODERUWKLVLGHDMXVWOHWVWXGHQWVORRNDWERWKEDQGVIRUDIHZ
PLQXWHV<RXPD\OLNHWROHWVWXGHQWVH[SHULPHQWZLWKZHDULQJ
WKH0|ELXVEDQGDVDVDVK
1H[WKDQGRXWF\OLQGULFDOEDQGVWRWKHVWXGHQWVDQGDVNWKHPWRSUHGLFWZKDWZLOOKDSSHQLIWKH\
FRORURQHVLGH7KHQOHWWKHPGRVR6XJJHVWWKDWWKH\FKRRVHDSODFHWRZRUNZKHUHWKH\FDQVOLGH
WKHEDQGVRYHUWKHFRUQHURIDWDEOHRUDFKDLU
:KHQVWXGHQWVÀQLVKFRORULQJWKHLUF\OLQGULFDOEDQGVDVNWKHPWRVKRZ\RXRQHVLGHDQGWKHRWKHU
VLGH7KHQJLYHWKHPD0|ELXVEDQGWRFRORU
-&,)/
D*-*
Ghm^3<RXPLJKWZRQGHUZK\D0|ELXVEDQGLVLQWURGXFHGKHUH7KHSULPDU\UHDVRQLVWKDWLWJLYHV
VWXGHQWVH[SHULHQFHZLWKDRQHVLGHGVXUIDFHVRDVWREHWWHUXQGHUVWDQGXVXDOWZRVLGHGVXUIDFHV
6WXGHQWVDUHIDPLOLDUZLWKPDQ\H[DPSOHVRIWZRVLGHGVXUIDFHVDSLHFHRISDSHUDWDEOHFORWK
DJORYHDGUHVV$VWKH\VHHLQWKLVOHVVRQWKH0|ELXVEDQGKDVRQO\RQHVLGH7KLVVXUSULVLQJ
GLVFRYHU\EULQJVLQWRTXHVWLRQZKDWZHNQRZDERXWWZRVLGHGVXUIDFHVDQGWKXVPD\KLJKOLJKW
VRPHRIWKHSURSHUWLHVRIVXUIDFHV
$QRWKHUZD\WRKLJKOLJKWIRUVWXGHQWVWKHRQHVLGHGIHDWXUHRID0|ELXVEDQGLVWRKDYHWKHP
LPDJLQHWZREXJVFUDZOLQJÀUVWRQWKHF\OLQGULFDOEDQGDQGWKHQRQWKH0|ELXVEDQG3ODFHWKH
EXJVGLUHFWO\RSSRVLWHHDFKRWKHURQZKDWDSSHDUVWREHWKHWZRVLGHV
&\OLQGULFDO
0|ELXV
EOXHEXJ
EOXHEXJ
UHGEXJ
UHGEXJ
([SODLQWKDWWKHEXJVFDQFUDZODURXQGDQ\ZKHUHWKH\OLNHEXWLIWKH\KLWDQHGJHWKH\IDOORII&DQ
WKHUHGEXJYLVLWWKHEOXHEXJ"2QDF\OLQGULFDOEDQGQRRQD0|ELXVEDQG\HV
-&,)0
-&,)1
D*-+
D*-+FBKKHKLRFF>MKR,
<Zilne^E^llhgLnffZkr
8VLQJ&URGVFUHDWHGHVLJQVWKDWKDYHUHÁHFWLYHV\PPHWU\
FZm^kbZel
M^Z\a^k
‡ 0DVNLQJWDSH
Lmn]^gm
‡ &URGV
‡ 0LUURUIRUHDFKSDLURIVWXGHQWV
>q^k\bl^*
6HDWSDLUVRIVWXGHQWVDWGHVNVWDEOHVRURQWKHÁRRUVRWKDWWKH\DUHIDFLQJHDFKRWKHU%HWZHHQHDFK
SDLURIVWXGHQWVGUDZDOLQHRUDIÀ[DOLQHRIPDVNLQJWDSHWRUHSUHVHQWDPLUURU
3URYLGHHDFKVWXGHQWZLWKDVPDOOQXPEHURI&URGVWKUHHRUIRXUDQGDUUDQJHWKDWWKHWZRVWXGHQWV
LQDSDLUHDFKUHFHLYHWKHVDPHQXPEHURIWKHVDPHFRORUVRIURGV,I\RXSUHIHUGLVWULEXWHIXOOVHWVRI
&URGVDQGLQVWUXFWVWXGHQWVWRZRUNZLWKRQO\WKUHHRUIRXURIWKHP
,QVWUXFWRQHVWXGHQWLQHDFKSDLUWRPDNHDVLPSOHFRQVWUXFWLRQZLWKKHU&URGV7KHQWHOOWKHRWKHU
VWXGHQWWRXVHKLV&URGVWRPDNHZKDWKHWKLQNVWKHPLUURULPDJHZRXOGORRNOLNH$IWHUDZKLOHOHW
WKHVWXGHQWVVZLWFKUROHV
0LUURU/LQH
6XJJHVWWRVWXGHQWVWKDWWKH\XVHPLUURUVWRFKHFNWKHLUZRUN7RGRVRKDYHWKHPSODFHWKHPLUURU
DORQJWKHOLQHVRWKDWLWIDFHVWKHÀUVWVWXGHQW·VFRQVWUXFWLRQ'LUHFWVWXGHQWVWRORRNÀUVWDWWKHPLUURU
LPDJHDQGWKHQDWWKHVHFRQGVWXGHQW·VFRQVWUXFWLRQ0DNHVXUHERWKVWXGHQWVFDQVHHWKHRULJLQDO
SDWWHUQWKHVHFRQGVWXGHQW·VFRQVWUXFWLRQRIDPLUURULPDJHDQGWKHDFWXDOPLUURULPDJH
,IVRPHVWXGHQWVEHFRPHDGHSWDWWKLVDFWLYLW\\RXPD\ZDQWWRJLYHWKHPPRUH&URGVWRXVHLQ
WKHLUFRQVWUXFWLRQV
-&,)2
D*-+
>q^k\bl^+
0LUURU/LQH
0LUURU/LQH
5HSHDW([HUFLVHEXWWKLVWLPHLQVWUXFWWKHVWXGHQWSDLUVWRVLWQH[WWRHDFKRWKHULQVWHDGRIDFURVV
IURPHDFKRWKHU
3XWERRNVLQYROYLQJLQYHVWLJDWLRQVRIPLUURUUHÁHFWLYHV\PPHWU\LQDFHQWHUIRUIXUWKHUH[SORUDWLRQ
([DPSOHVRIVXFKERRNVDUHVHYHUDOE\0DULRQ:DOWHU/RRNDW$QQHWWH0DNHD%LJJHU3XGGOH
0DNHD6PDOOHU:RUPDQG7KH0LUURU3X]]OH%RRN
-&,*)
D*-,
D*-,<:KMK:<DL+
<Zilne^E^llhgLnffZkr
&RQVWUXFWUDFHFDUWUDFNVXVLQJVWUDLJKWDQGFXUYHGVHFWLRQV$WWHPSWWRÀQGFORVHG
FLUFXLWV
FZm^kbZel
M^Z\a^k
‡ 7UDFNSLHFHV
Lmn]^gm
‡ 7UDFNSLHFHV
:]oZg\^Ik^iZkZmbhg36HH/HVVRQ.
5HSHDW/HVVRQ.EXWHQFRXUDJHVWXGHQWVWRÀQGWUDFNVWKDWDUHFORVHGFXUYHVFLUFXLWVWRGD\
7
2QWKLVUDFHFDUWUDFNWKHFDUFDQJRIURPKHUHWRWKHUHSRLQWWRWKHWZRHQGSRLQWVRIDQ
RSHQWUDFN%XWRQWKLVRQHSRLQWWRDFORVHGFLUFXLWWKHFDUFDQNHHSJRLQJDURXQGDQG
DURXQG
7RGD\OHW·VWU\WREXLOGUDFHFDUWUDFNVRQZKLFKDFDUFDQMXVWNHHSJRLQJZLWKRXWKDYLQJ
WRVWRS
*LYHSDLUVRIVWXGHQWVDQHQYHORSHRIWUDFNSLHFHVHLJKWVWUDLJKWVHFWLRQVDQGHLJKWFXUYHG
VHFWLRQVDQGDVNWKHPWREXLOGFORVHGUDFHFDUWUDFNV'RQRWLQVLVWWKDWDOOSLHFHVEHXVHGLQWKH
FRQVWUXFWLRQ
3XWWUDFNSLHFHVLQDFHQWHUIRUIXUWKHUH[SORUDWLRQ
6XJJHVWVWXGHQWVGUDZVLPSOLÀHGSLFWXUHVRIWKHLUUDFHFDUWUDFNVLQWKHLUPDWKMRXUQDOV
-&,**
-&,*+
D*--
D*--=>M><MBO>LMHKR,
<Zilne^E^llhgLnffZkr
'LVFRYHUDVHFUHWQXPEHUXVLQJVHYHUDOFOXHVLQYROYLQJFRXQWLQJE\WZRVRUGHU
UHODWLRQVDQGDPRXQWVRIPRQH\ZLWKWKUHHFRLQV
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
‡ &ROOHFWLRQRISHQQLHVQLFNHOV
DQGGLPHV
‡ 3DSHUZLWKZULWWHQRQLW
Lmn]^gm
‡ 1RQH
6KRZWKHFODVV\RXUIROGHGSLHFHRISDSHUZLWKZULWWHQRQLW7HOOWKHPWKDW\RXKDYHKLGGHQD
VHFUHWQXPEHURQWKLVSDSHUDQGWKDWWKH\DUHJRLQJWREHGHWHFWLYHVWU\LQJWRGLVFRYHUWKHVHFUHW
QXPEHU
7
+HUHLVDFOXH<RXZLOOVD\WKHVHFUHWQXPEHULI\RXFRXQWE\WZRVVNLSFRXQWIURP
WR
,QYLWHVWXGHQWVWRVNLSFRXQWVWDUWLQJDWZKLOH\RXUHFRUGWKHQXPEHUVWKH\VD\RQWKHERDUG
6XJJHVWVWXGHQWVXVHWKHQXPEHUOLQHRUWKH²QXPHUDOFKDUWWRKHOSWKHPFRXQWE\WZRV<RX
PD\OLNHWRDVNDVWXGHQWWRSRLQWWRWKHQXPEHUVRQWKHFODVVQXPEHUOLQHZKLOHWKHRWKHUVWXGHQWV
GRWKHVDPHRQWKHLUGHVNWRSQXPEHUOLQHV
7
7KHUHDUHPDQ\SRVVLELOLWLHV'R\RXNQRZZKLFKQXPEHULVWKHVHFUHWQXPEHU"
:KDWGR\RXQHHG"
6
$QRWKHUFOXH
I S
L E S S
'UDZWKLVDUURZSLFWXUHRQWKHERDUGDV\RXVD\
7
7KHVHFUHWQXPEHULVOHVVWKDQ
S E C R E T
N U M B E R
/HWVWXGHQWVXVHWKLVLQIRUPDWLRQWRGHFLGHWKDWWKHVHFUHWQXPEHUFDQQRWEHRUDQG
HUDVHWKHVHQXPEHUVIURPWKHOLVW7KHVHFUHWQXPEHUFRXOGEHRQHRIWKHIROORZLQJ
7
1RZWKHUHDUHÀYHSRVVLELOLWLHV'R\RXNQRZZKLFKRIWKHVHQXPEHUVLVWKHVHFUHW
QXPEHU":KDWGR\RXQHHG"
6
$QRWKHUFOXH
-&,*,
D*-6KRZWKHVWXGHQWVDFROOHFWLRQRIFRLQVSHQQLHVGLPHVDQGQLFNHOV
7
+HUH·VDQRWKHUFOXH:LWKH[DFWO\WKUHHFRLQV\RXFDQJHWWKHVHFUHWQXPEHUDVDQDPRXQW
RIPRQH\
/HWVWXGHQWVH[SHULPHQWZLWKWKHFRLQV7KH\VKRXOGÀQGWKDWWKHVHFUHWQXPEHUFRXOGEHEHFDXVH
\RXFDQJHW„ZLWKWKUHHSHQQLHV,WFRXOGDOVREHEHFDXVH\RXFDQJHW„ZLWKDQLFNHODQG
WZRSHQQLHV7KLVVHFRQGSRVVLELOLW\ZLOOSUREDEO\EHKDUGIRUVRPHVWXGHQWVWRÀQG7KH\VKRXOG
GHWHUPLQHWKDWWKHVHFUHWQXPEHUFDQQRWEHRUDQGHUDVHWKHVHQXPEHUVIURPWKHOLVW
7
1RZWKHUHDUHMXVWWZRSRVVLELOLWLHVIRUWKHVHFUHWQXPEHU
7
+HUH·VWKHODVWFOXH7KHVHFUHWQXPEHULVWKHJUHDWHURIWKHVHWZRQXPEHUV
/HWWKHVWXGHQWVVKRZWKHVHFUHWQXPEHUZLWKWKHLUÀQJHUVRUSRLQWWRLWRQWKHLUGHVNWRSQXPEHU
OLQHV8QIROGWKHSDSHUDQGVKRZWKHFODVVWKDWLVWKHVHFUHWQXPEHU
Ghm^3,I&OXHLVWRRGLIÀFXOWIRUWKHFODVV\RXFRXOGFKDQJHLWWR
:LWKH[DFWO\RQHFRLQ\RXFDQJHWWKHVHFUHWQXPEHUDVDQDPRXQWRIPRQH\
7KHQDIWHU&OXHWKHFODVVVKRXOGÀQGWKHVHFUHWQXPEHUWREH
-&,*-
D*-.
D*-.CNFIR?KH@L
<Zilne^E^llhgLnffZkr
)ROORZDVWRU\DERXWIURJVMXPSLQJLQWRDQGRXWRIDSRQGZLWKFRXQWHUVDQGZLWKDQ
DUURZSLFWXUH
FZm^kbZel
M^Z\a^k
‡ &RORUHGFKDON
‡ )LYH/LWWOH6SHFNOHG)URJV
ÀQJHUSOD\
Lmn]^gm
‡ 3LHFHRIEOXHSDSHU
‡ &XSFRQWDLQLQJFRXQWHUV
/HDGWKHFODVVLQWKHÀQJHUSOD\)LYH/LWWOH6SHFNOHG)URJV
*LYHHDFKVWXGHQWDSLHFHRIEOXHSDSHUDQGDFXSFRQWDLQLQJDERXWFRXQWHUVIURJFRXQWHUVDUH
LGHDO
7
/HW·VSUHWHQGZHDUHZDONLQJDQGFRPHXSRQDSRQG7KLVSLHFHRIEOXHSDSHULVWKHSRQG
$OODURXQGWKHSRQGWKHUHDUHORWVRIIURJV7KHVHDUHWKHIURJVSRLQWWRWKHFRXQWHUVLQRQH
VWXGHQW·VFXS)LUVWWKHUHDUHQRIURJVLQWKHSRQG
'UDZDGRWODEHOHGRQWKHERDUG
7
:KLOHZHZDWFKWKUHHIURJVMXPSLQWRWKHSRQG
$VNHDFKVWXGHQWWRWDNHWKUHHFRXQWHUVRXWRIWKHFXSDQGSODFHWKHPRQWKHEOXHSDSHUWKDWLVWHOO
WKHPWRSXWWKUHHIURJVLQWKHLUSRQG$VWKHOHVVRQSURFHHGVHDFKRI\RXUVWDWHPHQWVVKRXOGEH
IROORZHGE\VWXGHQWVSODFLQJRUUHPRYLQJFRXQWHUVRQWKHEOXHSDSHU
;
5HFRUGWKLVREVHUYDWLRQRQWKHERDUGE\GUDZLQJDQDUURZODEHOHG
DQGDVHFRQGGRWODEHOHG
7
$IHZPLQXWHVODWHUWZRPRUHIURJVMXPSLQWRWKHSRQG
'LUHFWWKHVWXGHQWVWRSXWWZRPRUHIURJVLQWKHLUSRQGVDV\RX
UHFRUGWKHLQIRUPDWLRQLQ\RXUSLFWXUHRQWKHERDUG
7
+RZPDQ\IURJVDUHLQWKHSRQGQRZ"
6
)LYH
;
;
&KHFNWKDWDOOWKHVWXGHQWVKDYHÀYHIURJVLQWKHLUSRQGV<RXPD\OLNHWRDVNWKHPWRVKRZ\RX
ZLWKÀQJHUV
7
2QHPRUHIURJMXPSVLQWRWKHSRQG
-&,*.
D*-.
7HOOVWXGHQWVWRDGGRQHPRUHIURJWRWKHLUSRQGVDV\RXUHFRUGWKHLQIRUPDWLRQRQWKHERDUG
;
7
+RZPDQ\IURJVDUHLQWKHSRQGQRZ"
6
6L[
7
7KHQWZRIURJVGHFLGHWRMXPSRXWRIWKHSRQG
;
;
7HOOVWXGHQWVWRWDNHWZRIURJVRXWRIWKHLUSRQGVDV\RXFRQWLQXHWKHSLFWXUHRQWKHERDUG
7
+RZPDQ\IURJVDUHOHIWLQWKHSRQG"
6
)RXU
;
;
;
;
;
'UDZDQRWKHUDUURZLQ\RXUSLFWXUHRQWKHERDUGDQGDVN
;
7
:KDWKDSSHQHGQRZ"
6
7KUHHPRUHIURJVMXPSHGLQWRWKHSRQG
;
'LUHFWVWXGHQWVWRSXWWKUHHPRUHIURJVLQWRWKHLUSRQGDQGWHOO\RXKRZPDQ\WKHUHDUHQRZ
6
6HYHQIURJV
&RQWLQXHLQWKLVZD\GUDZLQJDFRXSOHPRUHDUURZVLQWKHSLFWXUHRQWKHERDUG(DFKWLPHDVNZKDW
KDSSHQHGDQGKRZPDQ\IURJVDUHLQWKHSRQG
;
;
;
;
;
;
6XJJHVWVWXGHQWVGUDZDSLFWXUHLQWKHLUPDWKMRXUQDOVIRUDIURJVWRU\RIWKHLURZQ
-&,*/